Synopsis
Yotta Data Services is planning a Mumbai IPO to raise up to $900 million, with a potential $300 million pre-IPO round. Backed by rising AI-driven demand for data centres, the company is targeting a $6 billion valuation amid strong investor interest in India’s expanding digital infrastructure and data centre market.Listen to this article in summarized format
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The planned IPO is expected to take place in the final quarter of the year, the people said. In addition, the company is considering a pre-IPO round to raise as much as $300 million, they said.
Deliberations are ongoing, and details including the size and timing of the offering remain subject to change. Representatives for Yotta and the banks did not immediately respond to requests for comment.
Chief Executive Officer Sunil Gupta told Dow Jones on Monday that the company is targeting a valuation of as much as $6 billion.
Artificial intelligence has fuelled investor interest in underlying infrastructure such as data centres. In India, investment in the overall data centre market is expected to exceed $100 billion by 2027, CBRE Group Inc. has said. Tech giants such as Alphabet Inc.’s Google and OpenAI have outlined major plans, while Reliance Industries Ltd. also intends to build a data centre that could cost as much as $30 billion.
Yotta had previously explored a US listing via a merger with a special purpose acquisition company but has since shifted focus to the domestic market, where investor appetite for artificial intelligence and digital infrastructure assets has strengthened.
