Sify Infinit Spaces to file for $500-million IPO to become first listed data centre operator in India

A Sify India IPO comes even as demand for data centres in India is set to double over the next three years. That needs an investment of up to ₹90,000 crore.

Sify Infinit Spaces Ltd. is preparing to file for a $500-million IPO in the next two weeks, according to people familiar with the matter, a move that can make it the first listed data centre operator in India.

The data-centre industry in India has global players such as NTT Japan, STT Global and Nxtra Data, apart from early mover Sify Technologies. (Representational Image/Pixabay)

The IPO of New York- and Frankfurt-listed Sify Technologies Ltd.’s unit will include both new and existing shares, the people said, on the condition of anonymity as the discussions are private. The talks are ongoing and the details can still change.

The company’s board approved the potential Sify India IPO on 25 September 2025. Bookrunners on the planned offering include Kotak Mahindra Capital Co., Morgan Stanley, JPMorgan Chase & Co., Citic Securities Co. and JM Financial Ltd.

A representative for Sify didn’t respond to an email seeking comments.

Data Centre Business in India

Sify Infinit, backed by Kotak Private Equity Group, commissioned its first data centre in 2000 and runs 14 sites across India.

The fundraising comes as technology firms and investors ramp up bets on data centres in India, driven by rising digital consumption, AI adoption and data localisation initiatives. With the planned IPO, Sify will join a growing list of Indian companies tapping the primary market to fund their growth.

Sify Infinit is among the key local companies operating in India’s data-centre space, which also has presence of global players such as NTT Inc. of Japan, Temasek-backed STT Global Data Centres and Carlyle Group-backed Nxtra Data Ltd.

Considering the strong demand prospect for data centres in India, many foreign corporations and investment firms are investing heavily into the Indian data centre business, ICRA said in its report last month.