CHENNAI: Chennai-based Sify Infinit Spaces Limited, a data center colocation services provider, has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) for a Rs 3,700-crore initial public offer (IPO).
The IPO offering comprises a fresh issue of equity shares aggregating up to Rs 2,500 crore and an offer for sale of equity shares aggregating up to Rs 1,200 crore by the selling shareholders — Kotak Data Center Fund (₹643 crore) and Kotak Special Situations Fund (₹557 crore).
In consultation with the book running lead managers, the company may consider undertaking a pre-IPO placement of securities worth up to Rs 500 crore. If undertaken, the amount raised from such pre-IPO placement will be reduced from the Fresh Issue size.
The company proposes to utilise the net proceeds from the fresh issue towards partial funding of capital expenditure for the completion of Tower B at its Chennai 02 data center and the construction of Towers 11 and 12 at its Rabale Data Center in Navi Mumbai amounting to Rs 465 crore and 860 crore, respectively. A portion of the proceeds will also be used for the repayment or prepayment of certain borrowings amounting to Rs 600 crore while the balance will be deployed towards general corporate purposes.
Part of the Sify Group that pioneered private internet services in the late 1990s and promoted by Sify Technologies, Sify Infinit Spaces is a data center infrastructure company in India, offering colocation, interconnection, build-to-suit, and value-added services across its nationwide network.
As of 31 March 2025, it held a 15.26% market share by built IT capacity in India. The Vegesna Ananta Koti Raju-led company saw its first data center commence operations in 2000, marking one of the earliest commercial data centers in India.
As of June 30, the company operated 14 colocation data center facilities across six major cities and demand hubs -- Mumbai, Chennai, Noida, Hyderabad, Bengaluru and Kolkata -- with a combined built IT power capacity of 188.04 megawatts (MW).
The company reported a Rs 1,421 crore revenue and a profit after tax of Rs 126 crore in FY25.
JM Financial Limited, CLSA India Private Limited, J P Morgan India Private Limited, Kotak Mahindra Capital Company Limited and Morgan Stanley India Company Private Limited are the Book Running Lead Managers to the issue.
