Data centre colocation provider Sify Infinit Spaces has received approval from the Securities and Exchange Board of India (SEBI) for its draft red herring prospectus (DRHP), clearing the way for an initial public offering (IPO).
Sify Infinit Spaces plans to raise Rs 37 billion through the IPO, comprising an offer for sale (OFS) of Rs 12 billion and a fresh issue of Rs 25 billion. Details such as the price band, lot size and issue dates are yet to be announced. The book-running lead manager for the issue is JM Financial, while Kfin Technologies has been appointed as the registrar.
The company said the proceeds from the fresh issue will be used to support major expansion plans, including the completion of a data centre tower in Chennai and the construction of two additional towers at its Navi Mumbai campus. These projects together account for capital expenditure of over Rs 13 billion.
An additional Rs 6 billion will be utilised for debt reduction, with the remaining funds allocated towards general corporate purposes. Further, the IPO is expected to be backed by a mix of global and domestic investment banks, underlining rising investor interest in India’s digital infrastructure sector.
