Yotta Data Services Private Limited is considering an initial public offering (IPO) in Mumbai that could raise up to $900 million (approximately Rs 76 billion), and has begun engaging investment banks for the process.
The data centre operator, which runs India’s largest cluster of Nvidia Corporation artificial intelligence processors, has appointed ICICI Securities Limited and SBI Capital Markets Limited as advisers. The company is likely to bring in additional banks before filing its draft prospectus, which is expected within the next two to three months.
The IPO is expected to take place in the final quarter of the year. The company is also exploring a pre-IPO fundraising round of up to $300 million, they added. Deliberations are ongoing and the size and timing of the offering remain subject to change.
Additionally, the company is reportedly targeting a valuation of up to $6 billion. Yotta had previously explored a listing in the United States through a merger with a special purpose acquisition company but has since pivoted to the domestic market.
