Sify Infinit Spaces Ltd. has shelved its planned 37 billion rupee ($391 million) initial public offering, according to people familiar with the matter. The decision adds to a growing roster of firms postponing share sales due to India's weak equity market. The company had been preparing to list on domestic exchanges.
India's stock market has struggled in recent months, with benchmark indices sliding amid global uncertainty and domestic economic headwinds. This environment has made it difficult for companies like Sify Infinit to attract investor demand at desired valuations. The postponement reflects broader caution among issuers.
The shelved IPO was valued at approximately $391 million based on current exchange rates. No specific timeline for a potential resumption was disclosed. Sify Infinit, a data center and infrastructure provider, had filed draft papers with regulators earlier this year.
Market participants are watching for signs of a recovery before companies revive their listing plans. Analysts suggest that a sustained rebound in the Nifty 50 or improved foreign investor flows could reopen the IPO window. Until then, deal pipelines are expected to remain muted.
A spokesperson for Sify Infinit declined to comment on the delay, citing market conditions as the primary factor. The company may revisit its listing strategy once volatility subsides.