Details subject to change
Technology firm Sify’s data center unit is planning to IPO in India.
As reported by Bloomberg, the Indian IT service provider is preparing to submit a preliminary filing with the Securities and Exchange Board of India in the coming weeks.
Sify intends to submit a draft red herring prospectus, which is a document filed with a regulatory authority prior to an IPO that contains information about a given company, whilst excluding the final price and quantity of shares to be issued.
According to sources who asked not to be identified, the company is considering the sale of new and existing shares valued at about $3bn for the offering.
The sources told Bloomberg that deliberations are ongoing and plans may be subject to change.
Sify announced at the start of this year that it would invest $5bn to expand its data center business. Since then, it has launched the first phase of a 130MW data center campus outside Chennai and broken ground on a facility in Lucknow.
