Yotta Data Services Pvt. is weighing an initial public offering in Mumbai that could raise as much as $900 million and has engaged investment banks for the process, according to people familiar with the matter.
The data center operator, which runs India’s largest cluster of Nvidia Corp. artificial intelligence processors, has tapped ICICI Securities Ltd. and SBI Capital Markets Ltd. as advisers and is likely to add more banks before filing its draft prospectus in the next two to three months, the people said, asking not to be identified because the information is private.
The planned IPO is expected to take place in the final quarter of the year, the people said. In addition, the company is considering a pre-IPO round to raise as much as $300 million, they said.
Deliberations are ongoing and details including the size and timing of the offering remain subject to change. Representatives for Yotta and banks didn’t immediately respond to requests for comment.
Chief Executive Officer Sunil Gupta told Dow Jones on Monday that the company is targeting a valuation of as much as $6 billion.
Artificial intelligence has fueled investor interest in underlying infrastructure like data centers. In India, investment in the overall data center market is expected to exceed $100 billion by 2027, CBRE Group Inc. has said. Tech giants such as Alphabet Inc.’s Google and OpenAI have outlined major plans, while Reliance Industries Ltd. also intends to build a data center that could cost as much as $30 billion.
Yotta had previously explored a US listing via a merger with a special purpose acquisition company but has since shifted focus to the domestic market, where investor appetite for artificial intelligence and digital infrastructure assets has strengthened.
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Published on May 5, 2026