Sify’s data centre unit hires bankers for a ₹3,000 crore IPO
Subscribe to enjoy similar stories. Sify Infinite Spaces, the data centre business of Nasdaq-listed Sify Technologies Ltd., is looking to tap capital markets in India to raise ₹3,000 crore through an initial public offering (IPO), according to three people aware of the matter. “The firm has appointed investment banks to help it with the process," the first person cited above said on the condition of anonymity.
The Kotak Private Equity-backed company, one of the first data centre firms in the country, aims to list in the coming financial year. “The company is likely to file its draft prospectus with Sebi by next quarter," the second person said, also requesting anonymity. Sify Infinite raised ₹1,600 crore in two separate rounds from Kotak Special Situations Fund and Kotak Data Center Fund.
“Kotak is likely to sell stake as part of the offer for sale in the IPO," the second person said. “We continue to explore multiple avenues of raising funds for the Data Center business and will keep the markets informed of such, when appropriate," the company’s spokesperson said in response to Mint’s emailed queries. Kotak PE didn't respond to queries.
Sify Infinite’s plan to go public reflects growth in India’s data centre sector, driven by a boom in the digital economy. India Brand Equity Foundation projects it to more than double to $11.6 billion by 2032, boasting a compound annual growth rate of 10.98%. Some of the large players in the segment include NTT Global, Microsoft, Cisco, Reliance Communications, Brookfield, among others.
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