Sify Infinit Spaces IPO
Sify Infinit Spaces IPO — date, issue size, SEBI status & DRHP details 2025
Sify Infinit Spaces filed its draft red herring prospectus (DRHP) with SEBI on 17 Oct 2025 for an IPO of a fresh issue of up to ₹2,500 crore and an offer for sale of up to ₹1,200 crore. The draft is no longer on SEBI's list of pending offer documents. The price band, lot size and IPO dates are not announced yet.
Sify Infinit Spaces runs 14 colocation data centers across 6 Indian cities with a built IT power capacity of 188.04 MW. Revenue from operations grew from Rs 1,021.34 crore in FY2023 to Rs 1,428.37 crore in FY2025.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the Sify Infinit Spaces IPO stands
From draft to listing. Today is 11 November 2026.
- DRHP filed 17 Oct 2025
- SEBI observations Done
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 17 Oct 2025 |
|---|---|
| SEBI status | SEBI review completed |
| RHP, price band & dates | Not announced |
Sify Infinit Spaces IPO details
The offer as the DRHP describes it. Terms can change in the RHP.
| Issue type | Fresh issue and offer for sale |
|---|---|
| Fresh issue | Up to ₹2,500 Cr |
| Offer for sale | Up to ₹1,200 Cr |
| Total issue size | ₹3,700 Cr |
| Pre-IPO placement | Up to ₹500 Cr (reduces the fresh issue) |
| Face value | ₹10 per share |
| Employee reservation | Up to 5% of the post-offer paid-up equity share capital; amount not yet stated |
| Proposed listing | BSE, NSE |
| Price band | Not announced (comes with the RHP) |
| Lot size | Not announced |
| IPO dates | Not announced |
| Book running lead managers | JM Financial Limited, CLSA India Private Limited, J.P. Morgan India Private Limited, Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited |
| Registrar | KFin Technologies Limited |
Who is selling in the offer for sale
| Selling shareholder | Type | Offering | Avg. cost / share |
|---|---|---|---|
| Kotak Data Center Fund (KDCF) | Investor | Up to Rs 643.00 crore | Rs 160.48 |
| Kotak Special Situations Fund (KSSF) | Investor | Up to Rs 557.00 crore | Rs 123.53 |
The average cost per equity share, after conversion of preference shares and CCDs, is Rs 160.48 for KDCF, Rs 123.53 for KSSF and Rs 16.43 for promoter STL.
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 6
- 01Built capacity grew from 92.63 MW in FY2023 to 188.04 MW as of 30 June 2025, with 14 data centers in 6 cities.
- 02Revenue from operations rose from Rs 1,021.34 crore in FY2023 to Rs 1,428.37 crore in FY2025, a growth of 28.20% in FY2025.
- 03EBITDA was Rs 634.25 crore in FY2025 at a margin of 44.40%, up from 40.40% in FY2023.
- 04Net cash generated from operating activities was Rs 547.42 crore in FY2025, against Rs 211.14 crore in FY2024.
- 05Hyperscaler clients include 3 of the top 4 global hyperscalers, and the three largest clients are hyperscalers giving 68.34% of FY2025 revenue.
- 06The industry report expects demand to grow at 30.1% to 35.1% a year from FY2025 to FY2030, and the company had 11 data centers under development.
Risks · 9
- 01The top 10 clients gave 82.43% of revenue from operations in FY2025, and client 1 alone gave 46.31%. Losing a key client would hit revenue hard.
- 02Total borrowings were Rs 2,318.15 crore as of 31 March 2025 against net worth of Rs 1,740.83 crore. Finance cost was Rs 152.81 crore in FY2025.
- 03Profit after tax was Rs 126.36 crore in FY2025, only 8.85% of revenue, as depreciation was Rs 326.82 crore. PAT fell from Rs 96.69 crore in FY2023 to Rs 93.25 crore in FY2024.
- 04Net cash used in investing activities was Rs 568.40 crore in FY2025 and Rs 990.76 crore in FY2024. The business is capital-intensive and needs more funding.
- 05Of the Rs 2,500.00 crore fresh issue, Rs 600.00 crore is for debt repayment, and general corporate purposes can take up to 25% of gross proceeds with the amount not yet stated.
- 06Offer for sale of up to Rs 1,200.00 crore by Kotak funds KDCF and KSSF goes to the sellers and not to the company.
- 07A corporate guarantee of Rs 138.75 crore is given to a bank for a term loan of the associate company SKVR Software Solution Private Limited.
- 08Against the promoters there are 73 tax proceedings and 5 statutory or regulatory proceedings, with an amount of Rs 316.84 crore, including a GST show cause notice of Rs 117.58 crore against STL.
- 09The company depends on STL for strategic direction, and power supply, rising power cost and cyber attacks can disrupt data center operations.
Sify Infinit Spaces financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Revenue from Operations | 398.60 | 1428.37 | 1114.17 | 1021.34 |
| Total Income | 405.54 | 1454.28 | 1141.71 | 1039.07 |
| EBITDA | 176.72 | 634.25 | 465.27 | 412.61 |
| Profit After Tax | 13.63 | 126.36 | 93.25 | 96.69 |
| Net Worth | 1754.33 | 1740.83 | 1548.18 | 916.93 |
| Total Borrowing | 2170.32 | 2318.15 | 1988.26 | 1581.16 |
| Total Assets | 4940.92 | 4704.71 | 4115.29 | 2987.42 |
Key ratios (FY25)
P/E and market capitalisation need the price band and are added when the RHP is out.
Where the IPO money goes
₹1,925 crore of the fresh issue is earmarked to named objects; offer for sale proceeds go to the selling shareholders, not the company.
About Sify Infinit Spaces
As of 30 June 2025, the company ran 14 data centers in 6 cities: Mumbai, Chennai, Noida, Hyderabad, Bengaluru and Kolkata. Built IT power capacity was 188.04 MW, of which 113.67 MW was operational. The number of data centers rose from 11 in FY2023 to 14 in FY2025, and built capacity rose from 92.63 MW to 188.04 MW over the same period. The company also had 11 data centers under development as of 30 June 2025.
Its revenue comes from colocation services, which include lease rentals, power and cross-connects. Clients are of two kinds. Hyperscalers are large cloud service providers, and the company says its base included 3 of the top 4 global hyperscalers as of 30 June 2025. Enterprise clients are mainly from banking, financial services and insurance in India.
Revenue is highly concentrated. The top 10 clients gave 82.43% of revenue from operations in FY2025, and the single largest client alone gave 46.31%. In the three months to 30 June 2025 that largest client rose to 44.68% of revenue.
The company is promoted by STL along with Vegesna Ananta Koti Raju, Vegesna Bala Saraswathi, RCICPL and RVIIPL. STL holds 88.45% on a fully diluted basis before the issue. The company has no subsidiary, and its registered office is in TIDEL Park, Taramani, Chennai.
The industry
A data center is a facility that houses computing, storage and networking equipment. According to the 1Lattice and C&W Report, India's data center demand stood at 1.3 GW in Fiscal 2025 and is expected to reach between 4.7 GW and 5.7 GW in Fiscal 2030. That is a CAGR of 30.1% to 35.1% in IT MW terms. The report names rising digitalisation and AI adoption as the drivers.
Customer concentration: Top 10 clients gave 82.43% of FY2025 revenue (79.44% in FY2024). Client 1 alone gave 46.31%.
Promoters & management
STL holds 88.45% of the company on a fully diluted basis before the issue, and no other promoter group member holds shares. The Kotak funds KDCF and KSSF hold 6.19% and 5.36%.
| Name | Role |
|---|---|
| Vegesna Ananta Koti Raju | Chairperson and Non-Executive Director |
| Chintaluri Venkata Rajeswara Rao | Whole-time Director |
The bankers & the filings
Who is running the issue, and the SEBI documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
126 issues handledBest listing: Tata Technologies (+140.0%). Weakest: ACME Solar Holdings (-13.1%).
Kotak Mahindra Capital Company Limited
94 issues handledBest listing: Premier Energies (+120.0%). Weakest: Rategain Travel Technologies (-15.3%).
J.P. Morgan India Private Limited
2 issues handled2 of their issues have listed so far, and 2 opened above the issue price (average +15.9%). That is too small a sample to read as a hit rate.
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Sify Infinit Spaces IPO: frequently asked
When will the Sify Infinit Spaces IPO open?
The Sify Infinit Spaces IPO dates are not announced yet. The draft is no longer on SEBI's list of pending offer documents. The company announces the dates and price band after it files its red herring prospectus (RHP) with the Registrar of Companies, usually a week or two before bidding opens. This page switches to the full IPO page with dates, price band and lot size as soon as that happens.
What is the Sify Infinit Spaces IPO price band?
The price band is not announced yet. It is set by the company and its lead managers and published with the RHP, a few days before the issue opens. The DRHP fixes only the face value of ₹10 per share.
How big is the Sify Infinit Spaces IPO?
Sify Infinit Spaces filed its draft red herring prospectus (DRHP) with SEBI on 17 Oct 2025 for an IPO of a fresh issue of up to ₹2,500 crore and an offer for sale of up to ₹1,200 crore. The DRHP puts the total at about ₹3,700 crore.
Has SEBI approved the Sify Infinit Spaces IPO?
The draft is no longer on SEBI's list of pending offer documents. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the Sify Infinit Spaces IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the Sify Infinit Spaces IPO GMP once the RHP and price band are out.
What will Sify Infinit Spaces do with the IPO money?
As per the DRHP: Part funding of capital expenditure for completion of tower B of the data center in Siruseri, Chennai (₹465 crore); Part funding of capital expenditure for setting up towers 11 and 12 of Rabale Data Center (₹860 crore); Repayment or prepayment of certain borrowings of the company (₹600 crore); General corporate purposes.
Who are the lead managers of the Sify Infinit Spaces IPO?
The book running lead managers are JM Financial Limited, CLSA India Private Limited, J.P. Morgan India Private Limited, Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited. KFin Technologies Limited is the registrar.
Is Sify Infinit Spaces profitable?
Yes. Profit after tax was Rs 126.36 crore in FY2025 and Rs 93.25 crore in FY2024, and Rs 13.63 crore in the three months to 30 June 2025.
Who are the selling shareholders in the Sify Infinit Spaces IPO?
Kotak Data Center Fund will sell up to Rs 643.00 crore and Kotak Special Situations Fund up to Rs 557.00 crore. The promoter STL is not selling.
How much debt does Sify Infinit Spaces have?
Total borrowings were Rs 2,318.15 crore as of 31 March 2025, and Rs 2,170.32 crore as of 30 June 2025. Rs 600.00 crore of the fresh issue is for repaying borrowings.
Other companies in the IPO pipeline
Mainboard companies with drafts filed with SEBI, same bankers first.
Know the day the price band is out.
We track every mainboard draft from SEBI filing to listing. When Sify Infinit Spaces files its RHP, this page becomes the full IPO page with dates, price band, lot size, GMP and subscription.
Not investment advice. Figures are from the company's draft offer document filed with SEBI and may change in the RHP.
