Sify Infinit Spaces Limited, a subsidiary of Nasdaq-listed Sify Technologies, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to raise Rs 3,700 crore through an Initial Public Offering (IPO).
The public issue comprises a fresh issue of equity shares worth Rs 2,500 crore and an offer for sale (OFS) of Rs 1,200 crore by existing shareholders. The company may also consider a pre-IPO placement of up to Rs 500 crore, which would reduce the size of the fresh issue accordingly. Each equity share carries a face value of Rs 10.
Offer For Sale Details
As part of the OFS, existing investors Kotak Data Center Fund and Kotak Special Situations Fund will offload shares worth Rs 643 crore and Rs 557 crore, respectively. The company is promoted by Sify Technologies Ltd, along with promoters Vegesna Ananta Koti Raju, Vegesna Bala Saraswathi, Ramanand Core Investment Co. Pvt. Ltd., and Raju Vegesna Infotech & Industries Pvt. Ltd.
Use of IPO Proceeds
According to the DRHP, the proceeds from the fresh issuance will be utilised for Rs 465 crore for completion of Tower B at Chennai 02 Data Center, Rs 860 crore for installation of Towers 11 and 12 at Rabale Data Center, Navi Mumbai and Rs 600 crore for repayment or prepayment of certain borrowings and remaining funds for general corporate purposes
Sify Infinit Spaces has authorised share capital of Rs 1,000 crore, comprising 100 crore equity shares. Its issued and paid-up capital increased from 51.01 crore shares to 60.39 crore shares after a recent capital conversion.
Business Overview
Founded in 2017 and headquartered in Chennai, Sify Infinit Spaces operates large-scale data centers offering cloud and enterprise infrastructure services. The company is tapping India’s rapidly expanding digital infrastructure and AI data processing market, driven by enterprise cloud adoption and digital transformation.
Lead Managers
The IPO will be managed by JM Financial, J.P. Morgan India, Kotak Mahindra Capital, and Morgan Stanley India, who will act as Book-Running Lead Managers (BRLMs). Details of the registrar will be disclosed in the Final Red Herring Prospectus (FRHP). |
