Sify Infinit Spaces IPO
Sify Infinit Spaces Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. SEBI issued its observations on 23 January 2026, so the company can open the IPO any time up to 23 January 2027. The draft proposes a fresh issue of up to ₹2,500 crore and an offer for sale of up to ₹1,200 crore by Kotak Data Center Fund and Kotak Special Situations Fund. In FY25 the company made a profit of ₹126.36 crore on revenue of ₹1,428.37 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI observations issued23 Jan 2026
- SEBI received draft
- 20 Oct 2025
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- JM Financial Ltd.
- Must open by
- 23 Jan 202712 months from observations
- Price band and dates
- Not announced
Where it stands
Sify Infinit Spaces IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI20 Oct 2025
- SEBI reviewDone
- SEBI observations23 Jan 2026
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has issued its final observations, which in practice is the go-ahead. The company can now file a red herring prospectus and open the IPO within 12 months.
DRHP at a glance
Sify Infinit Spaces DRHP at a glance
Draft red herring prospectus, 16 Oct 2025What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 276 to 277) and Basis for Offer Price (p. 138)Sify Infinit Spaces runs data centers that rent space, power and connectivity to companies (colocation). It is part of the Sify Group. Its clients include large cloud providers, 7 of India's top 10 banks and 4 of the top 10 insurers as of 30 June 2025.
As of 30 June 2025 it had 14 data centers in Mumbai, Chennai, Noida, Hyderabad, Bengaluru and Kolkata, with 188.04 MW of built IT power capacity. The top 10 clients gave 82.43% of FY25 revenue. It was incorporated in 2017 and is based in Chennai.
The offer
DRHP cover page and The Offer (p. 79)| Fresh issue | Up to ₹2,500 croreMoney goes to the company |
| Offer for sale | Up to ₹1,200 croreKotak Data Center Fund ₹643 crore (average cost ₹160.48 a share) and Kotak Special Situations Fund ₹557 crore (average cost ₹123.53) |
| Shares before the IPO | 60,39,50,295After preference shares and CCDs convert (51,01,31,127 before conversion) |
| Pre-IPO placement | Up to ₹500 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead managers | 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 |
| Registrar | KFin Technologies Limited |
| Promoters | Sify Technologies Limited, Vegesna Ananta Koti Raju, Vegesna Bala Saraswathi, Ramanand Core Investment Company Private Limited and Raju Vegesna Infotech & Industries Private Limited |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 108 to 110)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Completing tower B of the Chennai 02 data center at Siruseri | 465.00 | 18.6% |
| Towers 11 and 12 of the Rabale data center, Navi Mumbai | 860.00 | 34.4% |
| Repaying or prepaying certain borrowings | 600.00 | 24.0% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹2,500 crore fresh issue, shown in the table, is our calculation. Offer expenses are deducted before these amounts. The offer for sale money goes to the selling shareholders, not the company.
Financials
DRHP, Summary of Financial Information (p. 82 to 84) and Basis for Offer Price, KPIs (p. 139 to 142), ₹ crore| ₹ crore | FY23 | FY24 | FY25 | Q1 FY26 |
|---|---|---|---|---|
| Revenue from operations | 1,021.34 | 1,114.17 | 1,428.37 | 398.60 |
| EBITDA | 412.61 | 465.27 | 634.25 | 176.72 |
| EBITDA margin | 40.40% | 41.76% | 44.40% | 44.33% |
| Profit after tax | 96.69 | 93.25 | 126.36 | 13.63 |
| Diluted EPS (₹) | 1.90 | 1.84 | 2.41 | 0.26 |
| Net worth | 916.93 | 1,548.18 | 1,740.83 | 1,754.33 |
| Cash from operations | 373.40 | 211.14 | 547.42 | 100.70 |
| Return on net worth | 12.19% | 7.57% | 7.68% | NA |
| Long-term debt to equity | 1.62 | 1.28 | 1.37 | 1.38 |
| Net debt to EBITDA | 3.88 | 4.62 | 3.66 | 3.87 |
| Built IT capacity (MW) | 92.63 | 136.20 | 188.04 | 188.04 |
Restated consolidated figures. Q1 FY26 is April to June 2025 and is not annualised. Net worth is total equity. Revenue grew about 18.3% a year from FY23 to FY25 (our calculation).
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 139 to 141). Peer prices as of 9 Oct 2025, converted to ₹ by the DRHP.The DRHP compares Sify with three foreign listed data center companies. The P/E for Sify is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Sify Infinit Spaces (FY25) | 2.41 | Set with the price band | 7.68% |
| Equinix | 711.20 | 100.90x | 6.22% |
| Digital Realty Trust | 134.71 | 115.46x | 2.96% |
| NEXTDC | -5.28 | NM | -1.55% |
Risks the draft lists first
DRHP, Risk Factors (p. 35 to 40)- Key clientsThe top 10 clients gave 82.43% of FY25 revenue. (Risk factor 1, p. 35)
- Client retentionIt may not keep existing clients or win new ones. (Risk factor 2, p. 37)
- Power supplyPower cuts, rising power costs or fuel shortages could disrupt data centers and cut profits. (Risk factor 3, p. 37)
- DisruptionAny disruption to data center infrastructure could cost clients and money. (Risk factor 5, p. 39)
- DemandGrowth depends on demand for data centers in India, including for AI workloads. (Risk factor 7, p. 40)
- Capital needsThe business needs large amounts of capital, which it may not be able to raise. (Risk factor 8, p. 40)
Documents
Sify Infinit Spaces DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Sify Infinit Spaces IPO FAQs
When will the Sify Infinit Spaces IPO open?
The date is not announced. SEBI issued observations on 23 January 2026, and SEBI rules require the IPO to open within 12 months of that date, so by 23 January 2027 (our calculation). The company announces the dates in its red herring prospectus and price band notice.
Has SEBI approved the Sify Infinit Spaces IPO?
Yes. SEBI issued its final observations on 23 January 2026 (SEBI processing status archive, April 2025 to March 2026). SEBI does not "approve" an IPO as such; its observations let the company go ahead.
What is the Sify Infinit Spaces IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Sify Infinit Spaces IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Sify Infinit Spaces IPO?
JM Financial Ltd. is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Sify Infinit Spaces do with the IPO money?
According to the DRHP, the fresh issue money goes to completing tower B of the Chennai 02 data center at Siruseri (₹465.00 crore), towers 11 and 12 of the Rabale data center, Navi Mumbai (₹860.00 crore), repaying or prepaying certain borrowings (₹600.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Sify Infinit Spaces do?
Sify Infinit Spaces runs data centers that rent space, power and connectivity to companies (colocation). It is part of the Sify Group. Its clients include large cloud providers, 7 of India's top 10 banks and 4 of the top 10 insurers as of 30 June 2025.
Where can I read the Sify Infinit Spaces DRHP?
On SEBI's website, where the draft red herring prospectus was published on 17 October 2025. The draft is dated 16 October 2025 and runs to 563 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 16 October 2025. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.