Sify Infinit is said to seek $4.2 billion valuation in India IPO

The unit of Nasdaq-listed Sify Technologies Ltd. has begun investor meetings to raise 37 billion rupees ($407 million) through a share sale in mid-March, the people said, asking not to be identified because the information is private. Deliberations are ongoing and details including the timing and valuation of the IPO could still change, they said.

A representative for Sify didn’t respond to an email seeking comment.


Technology firms and investors are ramping up bets on India’s data-center sector, driven by rising digital consumption, the increasing adoption of artificial intelligence and data localization requirements. Indian data center–related shares have rallied recently as Prime Minister Narendra Modi met tech stars such as OpenAI’s Sam Altman and Anthropic PBC’s Dario Amodei to tout the country’s AI ambitions.

While global companies including Nvidia Corp. are deepening their India push through local partnerships and infrastructure commitments, traditional technology service providers in the country, such as Tata Consultancy Services Ltd. and Infosys Ltd., have struggled as part of the AI “scare trade” rattling global markets.

Sify Infinit’s offering will comprise a fresh issue of shares worth 25 billion rupees and a secondary sale of about 12 billion rupees, according to its draft prospectus.

Backed by Kotak Private Equity Group, Sify Infinit commissioned its first facility in 2000 and operates 14 data centers across six Indian cities, with a combined built IT power capacity of 188.04 megawatts as of June 2025.

Kotak Mahindra Capital Co., JM Financial Ltd. and the local units of Morgan Stanley, JPMorgan Chase & Co. and Citic Securities Co. are the bookrunners for the offering.