India, Aug. 3 -- Used-car marketplace Spinny has converted its parent company, Valuedrive Technologies Private Ltd, into a public entity by dropping the "Private" from its name as the startup prepares for a potential initial public offering (IPO) in the near term.

According to regulatory filings accessed by Inc42, shareholders of Valuedrive Technologies Private Limited approved a special resolution on July 29 to convert the company into Valuedrive Technologies Ltd.

For the uninitiated, Indian companies are required to convert into public limited entities before filing their DRHP for IPOs as part of the mandatory legal restructuring under the Companies Act. This process allows firms to comply with regulations, lift restrictions on share ...