Sify Infinit Files for Rs 3,700 Crore IPO, India’s First Data Center Listing
Proceeds to fund data center expansion in Chennai and Navi Mumbai, repay debt, and support AI-ready infrastructure
Sify Infinit Spaces Ltd (SISL), a leading provider of data center colocation services in India, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a Rs 3,700 crore initial public offering (IPO).
Promoted by Sify Technologies, Sify Infinit Spaces is part of the Sify Group, which pioneered private internet services in India in the late 1990s. The company provides colocation, interconnection, build-to-suit, and value-added services across its nationwide network, leveraging the group’s three decades of expertise in network, data center, and digital infrastructure services.
The IPO comprises a fresh issue of equity shares worth Rs 2,500 crore and an offer for sale (OFS) of Rs 1,200 crore by selling shareholders Kotak Data Center Fund (Rs 643 crore) and Kotak Special Situations Fund (Rs 557 crore).
According to the DRHP, the company plans to use the net proceeds from the fresh issue for multiple purposes — including Rs 465 crore for completing Tower B at its Chennai 02 data center and Rs 860 crore for constructing Towers 11 and 12 at its Rabale Data Center in Navi Mumbai. Additionally, Rs 600 crore will go toward repayment or prepayment of borrowings, with the remaining funds allocated for general corporate purposes.
Led by Vegesna Ananta Koti Raju, Sify Infinit established one of India’s earliest commercial data centers in 2000. Its hyperconnected infrastructure now supports hyperscale and enterprise workloads with high availability, robust security, scalable architecture, and energy efficiency.
As of June 30, 2025, the company operated 14 colocation data centers across six major cities — Mumbai, Chennai, Noida, Hyderabad, Bengaluru, and Kolkata — with a total IT power capacity of 188.04 megawatts (MW). Its clients include over 500 customers, featuring three of the top four global hyperscalers operating in India and seven of the top ten Indian banks.
The client base spans key sectors such as financial services, fintech, social media, OTT, manufacturing, retail, and healthcare — all of which rely heavily on secure digital infrastructure.
Sify Infinit is also advancing towards AI-driven workloads, with its newest facilities — Rabale Tower 5, Chennai 02 Tower B, and Noida 02 Tower B — certified by NVIDIA for AI operations and advanced cooling systems. These facilities hold Indian Green Building Council Platinum ratings and TIA-942 Rated 4 certifications, capable of hosting workloads up to 130 kilowatts per rack using direct-to-chip technology.
Financially, the company has shown robust growth, with revenue from operations increasing from Rs 1,021.34 crore in FY 2023 to Rs 1,428.36 crore in FY 2025. Its profit after tax rose sharply from Rs 96.68 crore in FY 2023 to Rs 126.36 crore in FY 2025.
India’s data center demand is expanding rapidly, projected to grow at a CAGR of 30.1–35.1% during FY 2025–2030, driven by cloud adoption, digital transformation, and AI workloads.
JM Financial, CLSA India, J.P. Morgan India, Kotak Mahindra Capital Company, and Morgan Stanley India are the book-running lead managers to the issue.