Spinny confidentially files for IPO, targets up to ₹3,000 crore issue
Gurugram-based used-car retailer Spinny has confidentially pre-filed IPO papers with SEBI for a proposed ₹2,500–₹3,000 crore issue, according to Inc42. The company is reportedly targeting a 2027 listing, subject to regulatory approvals.
What happened
Used-car retailer Spinny confidentially pre-filed IPO papers with SEBI for a proposed ₹2,500-₹3,000 crore issue. The Gurugram-based company is targeting a 2027
Key facts
- ₹2,500 Cr-₹3,000 Cr proposed issue size
- FY26 operating revenue approximately ₹6,000 Cr, up nearly 29% YoY
- FY25 operating revenue ₹4,656.1 Cr
- FY25 net loss ₹423.8 Cr, down 28%
- $170 Mn funding in February
What changed
Used-car retailer Spinny confidentially pre-filed IPO papers with SEBI for a proposed ₹2,500-₹3,000 crore issue. The Gurugram-based company is targeting a 2027 listing and has appointed four lead managers.
Why this matters
A proposed ₹2,500–₹3,000 crore issue positions Spinny as a potential public-market play on India’s organized used-car market, with FY26 revenue growth providing momentum but valuation and profitability remaining key watchpoints.
What to watch
- SEBI acknowledgement, observations or approval of the confidential filing and eventual DRHP publication.
- Whether the proposed issue is predominantly fresh capital or includes a sizable offer for sale by existing investors.
- FY26/FY27 EBITDA, contribution margin, cash burn, inventory days and gross-margin disclosures.
- Revenue-growth durability after the reported approximately 29% year-on-year FY26 increase.
- IPO valuation expectations versus listed auto retail, auto-finance and consumer-internet comparables.
Also reported by
- Inc42 — Same time