India’s data centre boom turns to IPOs as AI-driven capex surges

Industry Overview - India's data centre industry is entering a new phase with increasing interest in public market listings and joint ventures as funding options due to surging demand for AI-ready infrastructure [1] - The industry has experienced a growth rate of 25.47% annually from 2021 to 2025, making it one of the fastest-growing sectors in the Asia-Pacific region [8][9] - India's current data centre capacity is significantly lower than global leaders, with the US having nearly 18 times and China around 3.5 times greater capacity [9] Company Developments - Sify Infinit Spaces Ltd has received regulatory approval for a ₹3,700 crore IPO, with ₹1,325 crore allocated for capital expenditure on data centres [2] - Yotta Infrastructure plans to pursue a domestic stock market listing before considering US capital markets, potentially listing in the next financial year [2] - Nxtra Data Ltd, a subsidiary of Bharti Airtel, is contemplating a potential IPO amid competitive pressures from Reliance Industries and Adani Enterprises, with estimated valuations around $3 billion [3][4] - CtrlS Datacenters Ltd is also looking at a public listing to meet capital expenditure needs [5] Investment and Joint Ventures - Major investments in the data centre sector include $60 billion in total announcements in 2025, with significant contributions from Reliance Industries, Adani Group, and major tech companies like Google and Microsoft [11] - Notable projects include RIL's $11 billion investment for a 1 GW data centre in Visakhapatnam and a $15 billion partnership between Google and Adani Enterprises for India's largest AI data centre campus [12][13] - The future of the sector is expected to be defined by partnerships and joint ventures, combining local infrastructure with global expertise [14][15]