Sify Infinit Spaces Ltd., a subsidiary of Sify Technologies Ltd., is preparing to file for a $500 million initial public offering (IPO) within the next two weeks, according to sources familiar with the matter. If successful, this would mark the first listing of an Indian data center operator on domestic stock exchanges.
The IPO will include both fresh issuance of shares and an offer for sale by existing investors. Discussions are still ongoing, and final details may change, sources said. A spokesperson for Sify did not respond to requests for comment.
The planned fundraising underscores the growing importance of data centers in India, driven by surging digital consumption, rapid adoption of artificial intelligence, and data localization policies. According to ICRA, India’s data center capacity demand is expected to more than double over the next three years, requiring an estimated investment of about $10.1 billion (₹79,000 crore).
Sify Infinit is among the key local players in the space, competing with international and domestic heavyweights such as Japan’s NTT Inc., Temasek-backed STT Global Data Centres, and Carlyle Group-backed Nxtra Data Ltd.
The IPO reflects broader momentum in India’s primary markets, as companies across sectors raise capital to fund expansion in a fast-digitizing economy.
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