Sify Infinit pauses $4.2bn IPO amid market weakness in India
Sify Infinit, an Indian data center company, has hit pause on its big IPO plans because the stock market isn't looking too friendly right now.
The company was hoping to make history as the first pure-play Indian data center operator to pursue a public listing, aiming for a huge $4.2 billion valuation, but the company may revisit the IPO plan when market conditions improve, the people said.
Sensex down 10% makes IPOs tricky
The Sensex dropped 10% this year after years of steady growth, making investors nervous and IPOs tricky.
Regulators even extended IPO approval windows to help companies ride out the volatility.
Sify isn't alone: Walmart-backed PhonePe also postponed its listing recently.
Kotak backed Sify runs 14 centers
Backed by Kotak Private Equity Group, Sify runs 14 data centers across India and is riding the wave of demand for cloud computing and AI.
But with investors worried about profits and high costs in this sector, Sify will need to wait for better market vibes before taking another shot at going public.