STT Global Data Centres plans $500M Mumbai IPO amid crowded 2026 pipeline

STT Global Data Centres India is moving ahead with plans for a Mumbai initial public offering that could raise as much as $500 million, according to a Friday report from Bloomberg citing unnamed sources. The company, which is majority-owned by Singapore-based ST Telemedia Global Data Centres and counts Tata Communications as a minority stakeholder, has begun inviting investment banks to pitch for advisory roles next week. Mandates are expected to be finalized by the end of May.

This listing would place STT GDC ahead of Sify Infinit Spaces and Yotta Data Services in what is shaping up to be India’s first wave of pure data-centre IPOs. While Bloomberg’s report pegs the fundraising target at $500 million, Indian and Asian media outlets summarizing the story have floated a valuation range of $5 billion to $5.5 billion, with a draft prospectus reportedly expected in two to three months. However, those figures are not directly attributed to the same sources, and STT GDC has not issued a public comment, so they remain plausible but unconfirmed.

STT GDC India operates roughly 30 data centres across 10 Indian cities, with more than 400 MW of critical IT-load capacity, according to its own published data. Expansion is accelerating ahead of the listing. In February, the company committed ₹4,200 crore (around $500 million) to a 45 MW AI-ready campus in Chennai, and it has signed memorandums of understanding with the governments of Karnataka, Maharashtra, Telangana and Uttar Pradesh for additional sites.

The timing of the IPO is strategic. In February, KKR and Singtel agreed to buy out STT GDC’s parent company for about $5.2 billion, taking the global platform fully private under a 75/25 split. The Mumbai listing would represent the first major liquidity event for the India business under those new owners and provide a way for Tata Communications to mark its minority stake at a public price.

STT GDC is also positioning itself near the front of a crowded pipeline. Sify Infinit Spaces has already received SEBI clearance for a ₹3,700 crore ($440 million) listing, which, when priced, will become India’s first pure-play data-centre IPO. Meanwhile, Yotta Data Services has signaled a $900 million Mumbai listing targeting the fourth quarter, with a GPU-heavy narrative that could value the company at close to $6 billion.

Globally, the appetite for data-centre IPOs is strong. Blackstone has filed for a $1.75 billion AI-era data-centre REIT, and Fervo’s $1.33 billion IPO priced earlier this month, tapping into the same investor demand for picks-and-shovels AI exposure.

The demand-side argument for an Indian listing is compelling. Google has committed $15 billion to a southern Indian data-centre hub, Microsoft has pledged $17.5 billion to expand its footprint, and India’s February budget introduced a 20-year tax holiday for foreign cloud customers anchoring capacity in the country through 2047. STT GDC India would be selling into the same hyperscaler pipeline its prospectus would have to name.

Two key unknowns remain. The first is which banks will win the mandate and at what valuation they believe the book will clear. The second is whether the IPO actually materializes in 2026 or slips into the first half of 2027. The pitch meetings will settle the first question. The market will settle the second.