Sify Infinit Spaces files DRHP with SEBI: next steps, timelines, and investor checklist

Sify Infinit Spaces Limited has filed its Draft Red Herring Prospectus (DRHP) with SEBI, kicking off the formal review process required before price band disclosure, RHP filing, and launch of the IPO in India. The DRHP submission enables SEBI to scrutinize business disclosures, financial statements, risk factors, and proposed use of proceeds; only after SEBI issues its final observation can the company proceed to set dates and terms for the offer. Investors should track subsequent milestones such as merchant banker appointments, SEBI observation status, and exchange notices for authoritative timelines and offer structure details.​

What this means

• Regulatory review: SEBI evaluates adequacy of disclosures, related-party transactions, governance, and risk statements before allowing the RHP to be filed with final issue terms.​
• Next steps: After SEBI’s observation, the issuer files the RHP with the price band, lot size, updated financials, and the fresh/OFS split; bidding dates appear in the RHP and exchanges.​
• Timing caveat: Market conditions can influence the chosen listing window even after approvals, so dates remain tentative until officially notified.​

Key diligence pointers

• Business model: Assess data center capacity pipeline, occupancy, contract tenor, power procurement, and capex phasing disclosed in the DRHP/RHP for durability of cash flows.​
• Financial metrics: Focus on revenue growth, EBITDA margin sustainability, FCF profile, and leverage, given the capital-intensive nature of data center builds.​
• Offer structure and proceeds: Fresh issue vs OFS determines capital inflow for expansion versus shareholder liquidity; specifics will be clear in the RHP.​

FAQs

• What is a DRHP?
  A preliminary prospectus filed with SEBI containing business, risks, and financials; it’s reviewed before price band and bidding dates are finalized in the RHP.​
• When will the IPO open?
  Only after SEBI issues its observation and the RHP is filed with the band and timetable; this process typically takes several weeks or more.​
• Where will official updates appear?
  On SEBI and stock exchange portals and within the company’s filed prospectuses, rather than informal channels.​
• Can the offer size change?
  Yes—final size and mix can be adjusted in the RHP based on market conditions and issuer decisions before launch.