The Singapore-controlled, Tata-minority data-centre operator has invited banks to pitch this month. The listing would slot in ahead of Sify and Yotta in India’s first wave of pure data-centre IPOs.
STT Global Data Centres India is preparing an initial public offering in Mumbai that could raise up to $500m, Bloomberg reported on Friday, citing people familiar with the matter.
Investment banks have been invited to pitch for advisory roles next week, with mandates expected to be awarded by the end of May.
The operator is the Indian arm of ST Telemedia Global Data Centres, the Singapore-based data-centre platform that until recently sat inside Temasek’s portfolio.
ST Telemedia holds the 74% controlling stake in the India business, with Tata Communications retaining the remaining 26% from the original 2016 joint venture. Bloomberg’s framing of the operator as Tata-backed understates the direction of control.
