India Will Soon Get Its First 'Listed' Data Centre, Sify Infinit Spaces Plans $500 Mn IPO

Sify Infinit Spaces, a subsidiary of Chennai-based Sify Technologies Ltd, is set to become India’s first listed data centre operator. The company’s board approved a potential initial public offering (IPO) last month.

Bloomberg reports that Sify Infinit Spaces is preparing to file draft papers within the next two weeks to raise around $500 million from the public market. The offering will include both new and existing shares, according to sources cited in the report.

Bookrunners for the IPO will include Kotak Mahindra Capital Co., Morgan Stanley, JPMorgan Chase & Co., Citic Securities Co., and JM Financial Ltd.

Sify is one of India’s key data centre operators, controlling approximately 19% of the country’s server capacity. The company commissioned its first facility in 2000 and now operates 14 sites across six Indian cities. Other major players in the Indian data centre market include Japan’s NTT Inc., Temasek-backed STT Global Data Centres, and Carlyle-backed Bharti Airtel’s Nxtra Data Ltd.

According to a recent Jefferies report, India’s data centre capacity is expected to increase fivefold to 8GW by 2030, driven by rising data traffic, lower latency requirements, data localisation, and growing AI adoption.

“This will require facility capex of $30 billion and fuel a fivefold increase in data centre leasing revenues to $8 billion by 2030. Bharti, Reliance, and ADE together may account for 35–40% of India’s data centre capacity by 2030. Construction, electrical/power equipment, and cooling system providers would also benefit,” the report on September 15 said.

As of FY25, NTT GDC India led the market with revenues of ₹3,300 crore from 340 MW of capacity. ST Telemedia generated ₹2,400 crore from 318 MW, while Bharti Airtel’s Nxtra unit earned ₹2,100 crore from 249 MW. CtrlS recorded ₹1,700 crore from 248 MW, and Iron Mountain earned ₹200 crore from 41 MW at ₹8,445 per kW/month.

Sify Infinit Spaces reported ₹1,400 crore from 325 MW at ₹5,699 per kW/month, bringing the total industry revenue to ₹11,200 crore across 1,520 MW.

According to Sify Technologies’ FY25 annual report, Sify Infinit Spaces Limited (SISL) reported revenues of ₹1,428.37 crore and a profit of ₹126.41 crore.

Founded by R. Ramaraj in 1995, Sify Technologies Ltd is listed on the Nasdaq in the US and the Frankfurt Exchange in Germany. In FY25, it reported revenue of ₹3,988.56 crore (up 12% YoY), EBITDA of ₹756.18 crore (up 12% YoY), and a profit of ₹1,231.62 crore.