Hyderabad-based CtrlS Datacenters on Tuesday inaugurated a Rs 4,000-crore data centre park in Chennai, and said it is considering an initial public offering (IPO) to fund its capex and expansion plans.
“The AI-driven opportunity is significantly expanding, requiring billions more in capex,” chairman Sridhar Pinnapureddy said. “We are contemplating and the Board has been discussing going public for a few months now,” he added, without specifying a timeline.
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The Chennai data centre park includes two facilities — DC 1 and DC 2 — with a total capacity of 72 MW. The project is expected to generate 500 direct and 9,000 indirect jobs.
In 2023, CtrlS announced a $2-billion investment plan to expand operations and develop AI and cloud-ready hyperscale data centers. “Of this, $300 million has been deployed over the past 12 months,” Pinnapureddy said, noting that funding so far has come from internal accruals, debt, and customer advance payments.
Founded in 2007, CtrlS operates 15 data centres across eight cities, including Mumbai, Chennai, Bengaluru, Hyderabad and Lucknow. It currently has a 250 MW data centre capacity and aims to add another 650 MW by 2030.
In its recent report on CrtlS Datacentres, Icra said that the company is expected to incur a capex of Rs 3,000-3,500 crore during FY25-FY27, primarily for setting up data centres, a solar power project for captive consumption, and maintenance capex.
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The rating agency further said, CtrlS’ revenue grew at a compounded annual growth rate (CAGR) of 24.4% between FY19 and FY24, reaching Rs 1,339 crore in FY24. Its revenue is projected to grow by 25-30% annually in FY25 and FY26, with capacity expected to double to 180 MW by March 2026 from 90 MW as of March 2024.
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