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.
The $500m figure is the only one Bloomberg sources to its informants. Indian and Asian outlets summarising the report have circulated a valuation range of $5bn to $5.5bn, with a draft prospectus said to follow in two to three months.
Those numbers are not directly attributed to the same sources, and STT GDC has not commented publicly, so they sit on the wider scale of plausible rather than confirmed.
STT GDC India operates roughly 30 data centres across 10 Indian cities and more than 400 MW of critical IT-load capacity, on its own published numbers. Expansion is running ahead of the listing.
In February the company committed ₹4,200 crore (around $500m) to a 45 MW AI-ready campus in Chennai, and it has signed memorandums with the governments of Karnataka, Maharashtra, Telangana and Uttar Pradesh for further sites.
Timing helps explain the move. KKR and Singtel agreed in February to buy out STT GDC’s parent for about $5.2bn, taking the global platform fully private under a 75/25 split.
The Mumbai listing would be the first significant liquidity event for the India business under those new owners, and a way for Tata Communications to mark its minority stake at a public price.
It also places STT GDC near the front of a queue. Sify Infinit Spaces has SEBI clearance for a ₹3,700 crore ($440m) listing that will, when it prices, become the first pure-play data-centre IPO in India.
Yotta Data Services has signalled a $900m Mumbai listing aimed at the fourth quarter, valuing it at close to $6bn on its own GPU-heavy narrative.
Globally, the comparable trade is already running. Blackstone has filed for a $1.75bn AI-era data-centre REIT, and Fervo’s $1.33bn IPO priced earlier this month into the same investor appetite for picks-and-shovels AI exposure.
The demand-side argument for an Indian listing is not subtle. Google has committed $15bn to a southern Indian data-centre hub, Microsoft $17.5bn to expand its footprint, and the country’s February budget added a 20-year tax holiday for foreign cloud customers anchoring capacity in India through 2047.
STT GDC India would be selling into the same hyperscaler pipeline its prospectus would have to name.
Two unknowns sit on top of the deal. The first is which banks land the mandate, and at what valuation they think the book will clear. The second is whether the IPO actually arrives in 2026 or slips into the first half of 2027. The pitch meetings will settle the first. The market will settle the second.
