APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Sify Infinit Spaces Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sify-infinit-spaces-ltd" target="_blank" data-smartkarma-citation="entities:45957:1" rel="noopener">Sify Infinit Spaces Ltd (2026850D IN)</a> is looking to raise US$484m in its upcoming India IPO.</li>
<li>Sify Infinit Spaces Ltd is a provider of data center colocation services in India.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



Sify Infinit Spaces Ltd (2026850D IN) is looking to raise US$484m in its upcoming India IPO.
Sify Infinit Spaces Ltd is a provider of data center colocation services in India.
In this note, we look at the company’s past performance.


Sify Infinit Spaces Pre-IPO: Strong Topline Momentum, but Margins Remain Volatile

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sify-infinit-spaces-ltd" target="_blank" data-smartkarma-citation="entities:45957:1" rel="noopener">Sify Infinit Spaces Ltd (2026850D IN)</a> is looking to raise about US$484m in its upcoming India IPO. The deal will be run by JM Fin, CLSA, JPM, Kotak and MS.</li>
<li>SISL is a provider of data center colocation services in India. The firm had 14 colocation data center facilities across six cities in India, as of June 30, 2025. </li>
<li>According to the 1Lattice and C&amp;W Report, it had a built IT power capacity of 188.04 megawatt (MW) across these facilities, as of June 30, 2025.</li>
</ul>



Sify Infinit Spaces Ltd (2026850D IN) is looking to raise about US$484m in its upcoming India IPO. The deal will be run by JM Fin, CLSA, JPM, Kotak and MS.
SISL is a provider of data center colocation services in India. The firm had 14 colocation data center facilities across six cities in India, as of June 30, 2025. 
According to the 1Lattice and C&amp;W Report, it had a built IT power capacity of 188.04 megawatt (MW) across these facilities, as of June 30, 2025.


Sify Infinit Spaces Ltd Pre-IPO Tearsheet

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>India’s data centre theme has entered a new phase, with Reliance-Meta’s 168 MW Jamnagar deal, Adani’s 5 GW ambition, and Airtel Nxtra’s USD 1 billion fundraise.</li>
<li>India’s operational data centre capacity is now estimated around 1.5-1.7 GW, with AI, cloud, data localisation and hyperscaler demand driving large investment commitments.</li>
<li>A complete value-chain view covering land, power, cooling, backup systems, fibre, AI compute, EPC and colocation- and where listed Indian companies fit.</li>
</ul>


India’s data centre theme has entered a new phase, with Reliance-Meta’s 168 MW Jamnagar deal, Adani’s 5 GW ambition, and Airtel Nxtra’s USD 1 billion fundraise.
India’s operational data centre capacity is now estimated around 1.5-1.7 GW, with AI, cloud, data localisation and hyperscaler demand driving large investment commitments.
A complete value-chain view covering land, power, cooling, backup systems, fibre, AI compute, EPC and colocation- and where listed Indian companies fit.


India’s Data Center Build-Out: AI, Power and the Road from 350 MW to 7 GW

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Annual OPEX of an AI data centre consumes 25–35% of its initial CAPEX, with GPU depreciation and electricity together accounting for the vast majority of recurring costs.</li>
<li>India's data centre capacity is projected to triple by 2031; understanding the true cost structure is essential for investors evaluating return on capital for players like Adani, Sify, Nxtra etc.</li>
<li>The GPU replacement cycle, not electricity, is the dominant economic risk for AI-focused facilities, and the financing structure chosen (own vs. lease) may determine which operators survive each hardware generation.</li>
</ul>


Annual OPEX of an AI data centre consumes 25–35% of its initial CAPEX, with GPU depreciation and electricity together accounting for the vast majority of recurring costs.
India's data centre capacity is projected to triple by 2031; understanding the true cost structure is essential for investors evaluating return on capital for players like Adani, Sify, Nxtra etc.
The GPU replacement cycle, not electricity, is the dominant economic risk for AI-focused facilities, and the financing structure chosen (own vs. lease) may determine which operators survive each hardware generation.


True Cost of Running an AI Data Centre: A Unit Economics Breakdown

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

National Stock Exchange of India / Equity Capital Markets

National Stock Exchange of India (NSE IN)

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, having looked at Hong Kong earlier, we now talk about India's pipeline.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, having looked at Hong Kong earlier, we now talk about India's pipeline.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


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Sify Infinit Spaces Ltd (2026850D IN)

Sify Infinit Spaces Pre-IPO: Strong Topline Momentum, but Margins Remain Volatile

Sify Infinit Spaces Ltd plans to raise $484m in India IPO, a provider of data center colocation services with a focus on past performance.

Hong Jie Seow

Sify Infinit Spaces Ltd Pre-IPO Tearsheet

Sify Infinit Spaces Ltd plans to raise $484m in India IPO with JM Fin and others as deal runners. Provider of data center colocation services with...

Hong Jie Seow

India’s Data Center Build-Out: AI, Power and the Road from 350 MW to 7 GW

India's data centre industry is booming with major deals and investments, driven by demand for AI, cloud, data localisation, and hyperscalers.

Sudarshan Bhandari

True Cost of Running an AI Data Centre: A Unit Economics Breakdown

AI data centres in India face high annual operating expenses, with GPU depreciation and electricity costs being major factors.

Nimish Maheshwari

Aequitas 2026 Asia IPO Pipeline - India

In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, having looked at Hong Kong earlier, we now talk about India's pipeline.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sify Infinit Spaces Pre-IPO: Strong Topline Momentum, but Margins Remain Volatile

​Sify Infinit Spaces Ltd plans to raise $484m in India IPO, a provider of data center colocation services with a focus on past performance.

Hong Jie Seow

Sify Infinit Spaces Ltd Pre-IPO Tearsheet

​Sify Infinit Spaces Ltd plans to raise $484m in India IPO with JM Fin and others as deal runners. Provider of data center colocation services with...

Hong Jie Seow

India’s Data Center Build-Out: AI, Power and the Road from 350 MW to 7 GW

​India's data centre industry is booming with major deals and investments, driven by demand for AI, cloud, data localisation, and hyperscalers.

Sudarshan Bhandari

True Cost of Running an AI Data Centre: A Unit Economics Breakdown

​AI data centres in India face high annual operating expenses, with GPU depreciation and electricity costs being major factors.

Nimish Maheshwari

Aequitas 2026 Asia IPO Pipeline - India

In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, having looked at Hong Kong earlier, we now talk about India's pipeline.

Sumeet Singh

Sify Infinit Spaces Ltd plans to raise $484m in India IPO, a provider of data center colocation services with a focus on past performance.

Sify Infinit Spaces Ltd plans to raise $484m in India IPO with JM Fin and others as deal runners. Provider of data center colocation services with...

India's data centre industry is booming with major deals and investments, driven by demand for AI, cloud, data localisation, and hyperscalers.

AI data centres in India face high annual operating expenses, with GPU depreciation and electricity costs being major factors.