India’s first Data Center IPO
FinTech BizNews Service
Mumbai, October 17, 2025: Sify Infinit Spaces Limited, one of the leading providers of data center colocation services in India, in terms of built information technology (“IT”) capacity, as of March 31, 2025, according to the 1Lattice and C&W Report has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI).
The company’s initial public offering comprises a fresh issue of equity shares aggregating up to Rs 2,500 crore and an offer for sale of equity shares aggregating up to Rs1,200 crore by the selling shareholders — Kotak Data Center Fund (Rs643 crore) and Kotak Special Situations Fund (Rs557 crore).
In consultation with the BRLMs, Sify Infinit Spaces may consider undertaking a Pre-IPO placement of specified securities aggregating up to Rs500 crore, as permitted under applicable law, prior to the filing of the Red Herring Prospectus with the Registrar of Companies. If undertaken, the amount raised from such Pre-IPO placement will be reduced from the Fresh Issue size.
The company proposes to utilise the net proceeds from the Fresh Issue towards partial funding of capital expenditure for the completion of Tower B at its Chennai 02 data center and the construction of Towers 11 and 12 at its Rabale Data Center in Navi Mumbai amounting to Rs 465 crore and 860 crore respectively . A portion of the proceeds will also be used for the repayment or prepayment of certain borrowings amounting to Rs 600 crore while the balance will be deployed towards general corporate purposes.
Part of the Sify Group that pioneered private internet services in the late 1990s and promoted by Sify Technologies, Sify Infinit Spaces is a leading data center infrastructure company in India, offering colocation, interconnection, build-to-suit, and value-added services across its nationwide network.
It leverages the groups over 3 decades expertise across network, data center, and digital services, the company provides secure, sustainable, and energy-efficient digital infrastructure solutions tailored to client needs. As of March 31, 2025, it held a 15.26% market share by built IT capacity in India.
The Vegesna Ananta Koti Raju led company saw its first data center commenced operations in 2000, marking one of the earliest commercial data centers in India. Its hyperconnected infrastructure supports a wide range of workloads, each of it being purpose-built to provide high availability, robust security, scalable architecture and sustainability for hyperscale and enterprise clients.
As of June 30, 2025, the Company operated 14 colocation data center facilities across six major cities and demand hubs such as Mumbai, Chennai, Noida, Hyderabad, Bengaluru, and Kolkata with a combined built IT power capacity of 188.04 megawatts (MW).
Mumbai(Airoli) and Bengaluru data centers, catering to cloud hosting (public and hybrid), and Noida, Hyderabad, and Kolkata locations serving a broad range of enterprise workloads supported by advanced air, liquid, and immersion cooling systems.
Between Fiscal 2023 and Fiscal 2025, Sify Infinit expanded its built capacity by 95.41 MW, the highest addition among its peers.
SISL serves a diversified client base of over 500 customers, including three of the top four global Hyperscaler companies operating in India and seven of the top ten Indian banks (based on Fiscal 2024 revenues), as per the 1Lattice and C&W Report in its DRHP.
Its client mix spans sectors such as financial services, fintech, social media, OTT, manufacturing, retail, and healthcare industries for which digital infrastructure is mission-critical.
Moving towards AI driven workloads - three of its newest facilities i.e Rabale, Tower 5; Chennai 02 Tower B; Noida 02 Tower B have received certifications for AI workloads and advanced cooling technologies (air and liquid) from NVIDIA, have achieved Indian Green Building Council Platinum ratings, and are TIA-942 Rated 4 certified by the Telecommunications Industry Association (TIA). They can host workloads of up to 130 kilowatt (“kW”) per rack using direct-to-chip technology.
The Company has consistently demonstrated strong financial performance, with revenue from operations increasing from Rs10,213.40 million in Fiscal 2023 to Rs14,283.65 million in Fiscal 2025, reflecting its sustained growth momentum. EBITDA rose from Rs4,126.06 million in Fiscal 2023 to Rs6,342.46 million in Fiscal 2025, with EBITDA margins improving from 40.40% to 44.40% during the same period. Profit After Tax (PAT) also increased from Rs966.86 million in Fiscal 2023 to Rs1,263.60 million in Fiscal 2025.
A data center is a specialized facility designed to house computing, storage, and networking equipment. It serves as the physical foundation for digital services, enabling the storage, processing, and transmission of vast volumes of data. India’s data center demand is rapidly increasing, projected to grow at a CAGR of 30.1-35.1% (in IT MW terms) during Fiscal 2025-2030, reflecting the critical role data centers play in the country’s digital transformation.
JM Financial Limited, CLSA India Private Limited, J. P. Morgan India Private Limited, Kotak Mahindra Capital Company Limited and Morgan Stanley India Company Private Limited are the Book Running Lead Managers to the issue.
