Mumbai, June 12 -- Valuedrive Technologies Pvt Ltd, which operates used-car platform Spinny, has begun preparations to raise up to $300 million through an initial public offering (IPO) and is expected to file draft papers over the next quarter, according to two people familiar with the matter.

"The company plans to raise about $250-300 million and has begun work on the DRHP," one of the people cited above said. It has roped in Morgan Stanley, Kotak Mahindra Capital, and Citi India to advise on the process, the second person added.

Both the people spoke on condition of anonymity as the discussions remain private.

If the plans proceed as expected, the listing will add to the growing pipeline of companies heading to public markets and cou...