CtrlS Datacenters weighs $300 million India IPO amid digital infrastructure boom
MUMBAI: Digital infrastructure provider CtrlS Datacenters has begun preparations to raise around $300 million through an initial public offering (IPO), three people familiar with the matter said, at a time when investor appetite for the segment is growing.
Sources said that the Hyderabad-based company, founded by Sridhar Pinnapureddy, has initiated discussions with bankers to evaluate market conditions, adding that appointments will probably be made in the coming months and the listing will be made by the end of this financial year.
CtrlS did not respond mint Requests for comments pending publication.
The move comes at a time when India’s data center industry is seeing a rise in deal and investment activity. Last month, Bharti Airtel announced a $1 billion investment in its data center arm Nxtra in partnership with Alpha Wave Global, Carlyle and Anchorage Capital, in a deal valued at $3.1 billion.
Sify Infinit Spaces, the data center arm of CtrlS’s biggest rival, Sify Technologies, is also expected to tap public markets. The company has already received regulatory approval for an IPO. Mint also reported Yotta Data Services’ domestic listing plans; This reflects investors’ growing interest in digital infrastructure and artificial intelligence (AI)-connected assets.
According to the KPMG report, India’s data center capacity is expected to grow sharply and the total installed capacity is expected to exceed 2 GW by 2026, from over 1 GW currently. The report stated that capacity could increase fivefold to over 8 GW by 2030, leading to capital expenditure of over $30 billion.
In February, the Center had suggested that foreign companies offering cloud services globally while using data center services in India may be eligible for tax holidays up to 2047. The proposal has prompted companies such as Neysa, which recently raised $1.2 billion in debt and equity from Blackstone, to scale up its AI cloud infrastructure in the country.
Founded in 2008, CtrlS started its operations with its first data center in Hyderabad. Provides colocation and managed infrastructure services to global and local customers. It currently operates 17 data centers in Mumbai, Hyderabad, Chennai, Noida, Lucknow, Kolkata, Patna and Bengaluru.
The company serves hyperscalers, BFSI firms, e-commerce players, telecom operators, government agencies and information technology (IT) companies. Rating agency Icra Ltd. According to a report by, as of August 2025, CtrlS’s total operational capacity stands at approximately 130 MW and is expected to grow by 40-45 MW annually over the next three years; All of these are pre-leased.
CtrlS’s operating income increased approximately 17% ₹1,567 crore in FY25, driven by high capacity utilization. Exec estimates annual revenue growth of 20-25% in FY26 and FY27, supported by contractual agreements. Net profit decreased slightly ₹251 crore in FY25 ₹256 crore a year ago.
The company is also expected to make capital expenditures ₹4,500-4,600 crore between FY26-28, primarily towards mechanical, electrical and plumbing costs for new data centers and pre-leased capacity. This will probably be funded ₹The credit rating agency said the rest of the ₹3,000-3,500 crore debt was due to internal accruals.
Although CtrlS has a strong operating history and a diversified presence across cities, it faces increasing competition from large-scale capacity additions by both new entrants and existing players, Icra said.
Digitalization trends, including data localization, increasing data consumption and adoption of cloud, generative AI, Big Data and the rollout of 5G, are driving further demand for data centres. Icra added that the government’s focus on digital infrastructure, as well as policies such as the Digital Personal Data Protection framework and infrastructure status for data centers, are expected to further support investment in the sector.
