Sify Infinit files DRHP to raise Rs 3,700 crore in India's first data center IPO

Sify Infinit Spaces has filed draft papers with market regulator Sebi to launch the country’s first data center IPO, aiming to raise Rs 3,700 crore. The company, part of the Sify Group, operates one of India’s largest networks of data center colocation facilities.

The IPO will include a fresh issue of shares worth Rs 2,500 crore and an offer for sale of shares worth Rs 1,200 crore by existing investors — Kotak Data Center Fund (Rs 643 crore) and Kotak Special Situations Fund (Rs 557 crore).

The company may also consider a pre-IPO placement of up to Rs 500 crore, which would reduce the fresh issue size if executed.


Proceeds from the IPO will be used to fund expansion of its high-capacity data centers, particularly the completion of Tower B at its Chennai 02 facility and the construction of Towers 11 and 12 at its Rabale data center in Navi Mumbai, requiring Rs 465 crore and Rs 860 crore respectively.

Another Rs 600 crore will go towards repayment of borrowings, while the rest will be used for general corporate purposes.

About Sify Infinit Spaces

Founded by Sify Technologies, which pioneered India’s private internet services in the late 1990s, Sify Infinit Spaces (SISL) is today among the country’s top data center operators, commanding a 15.26% market share by built IT capacity as of March 2025, according to 1Lattice and Cushman and Wakefield.

Led by Vegesna Ananta Koti Raju, the company provides colocation, interconnection, and build-to-suit services, combining three decades of Sify’s experience in digital networks, cloud, and managed services.

As of June 2025, Sify Infinit operated 14 colocation data centers across six major Indian cities — Mumbai, Chennai, Noida, Hyderabad, Bengaluru, and Kolkata — with a combined IT power capacity of 188.04 MW. The company expanded its built capacity by 95.41 MW between FY23 and FY25, the highest among peers.

Its client base of over 500 customers includes three of the top four global hyperscalers and seven of the top ten Indian banks, serving sectors like finance, OTT, manufacturing, and healthcare. The company is also preparing for the next wave of AI-driven workloads, with new facilities in Rabale, Chennai, and Noida receiving Nvidia certification for AI-ready infrastructure, along with Indian Green Building Council Platinum and TIA-942 Rated 4 certifications for sustainability and uptime.

Financially, Sify Infinit has shown strong growth. Revenue from operations rose from Rs 1,021.34 crore in FY23 to Rs 1,428.36 crore in FY25, while EBITDA increased to Rs 634.24 crore with margins improving from 40.4% to 44.4%. Net profit grew from Rs 96.6 crore to Rs 126.3 crore during the same period, underlining steady profitability.

The IPO is being managed by JM Financial, CLSA India, JP Morgan India, Kotak Mahindra Capital, and Morgan Stanley India as book running lead managers.

The listing comes at a time when India’s data center demand is surging — projected to grow 30–35% annually through FY2030, according to Icra — driven by cloud adoption, AI workloads, 5G rollout, and data localization laws.

The industry expected to see investments of over Rs 90,000 crore ($10 billion) in the next three years.