Sify Infinit Spaces Files Draft Papers for INR 3,700 Cr IPO with SEBI In consultation with its book-running lead managers, Sify Infinit Spaces may also consider a pre-IPO placement of up to INR 500 crore before filing the Red Herring Prospectus.
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Sify Infinit Spaces, backed by Kotak Mahindra Group, has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise up to INR 3,700 crore through an initial public offering. The company is among the top providers of data center colocation services in India based on built IT capacity.
The proposed issue includes a fresh issue of equity shares worth INR 2,500 crore and an offer for sale of shares worth INR 1,200 crore by existing shareholders. The selling shareholders include Kotak Data Center Fund, which plans to offload shares worth INR 643 crore, and Kotak Special Situations Fund, which aims to sell shares valued at INR 557 crore.
In consultation with its book-running lead managers, Sify Infinit Spaces may also consider a pre-IPO placement of up to INR 500 crore before filing the Red Herring Prospectus. If this placement takes place, the amount raised will be deducted from the fresh issue size.
The proceeds from the fresh issue are proposed to be used for multiple purposes, including partial funding of capital expenditure for the completion of Tower B at the company's Chennai 02 data center and for constructing Towers 11 and 12 at its Rabale Data Center in Navi Mumbai.
These projects will require INR 465 crore and INR 860 crore respectively. The company also plans to use INR 600 crore for repayment or prepayment of borrowings, while the remainder will go toward general corporate purposes.
A part of the Sify Group, which pioneered private internet services in the late 1990s, Sify Infinit Spaces is promoted by Sify Technologies. It provides data center infrastructure solutions including colocation, interconnection, build-to-suit, and value-added services across its national network. The company leverages more than three decades of expertise in network, data center, and digital services to offer secure and energy-efficient infrastructure. As of March 31, 2025, it held a 15.26 percent market share in India by built IT capacity.
Led by Vegesna Ananta Koti Raju, the company established one of India's first commercial data centers in 2000. As of June 30, 2025, it operated 14 colocation data centers across Mumbai, Chennai, Noida, Hyderabad, Bengaluru, and Kolkata, with a total built IT capacity of 188.04 megawatts.
Its facilities in Mumbai and Bengaluru cater to cloud hosting requirements, while those in Noida, Hyderabad, and Kolkata serve a wide range of enterprise workloads supported by advanced air, liquid, and immersion cooling systems.
Between fiscal years 2023 and 2025, the company expanded its built capacity by 95.41 MW, marking the highest addition among its peers.
Sify Infinit Spaces serves over 500 clients, including three of the top four global hyperscalers operating in India and seven of the top ten Indian banks. Its clientele spans sectors such as financial services, fintech, social media, over-the-top media, manufacturing, retail, and healthcare.
The company is also aligning its facilities for artificial intelligence-driven workloads. Three of its newest centers—Rabale Tower 5, Chennai 02 Tower B, and Noida 02 Tower B—have received certifications from NVIDIA for AI workloads and advanced cooling systems. These facilities have also secured Indian Green Building Council Platinum ratings and TIA-942 Rated 4 certification from the Telecommunications Industry Association.
Financially, its revenue rose from INR 10,213.40 million in fiscal 2023 to INR 14,283.65 million in fiscal 2025. EBITDA increased from INR 4,126.06 million to INR 6,342.46 million during the same period, with margins improving from 40.40 percent to 44.40 percent. Profit after tax grew from INR 966.86 million to INR 1,263.60 million.
JM Financial, CLSA India, J P Morgan India, Kotak Mahindra Capital, and Morgan Stanley India are acting as the book-running lead managers for the proposed issue.
