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Singapore, July 25, 2026 – Singtel has thrown its weight behind a potential listing of its Indian data centre business, STT GDC India, in a move that underscores the company’s pivot toward digital infrastructure as a growth engine.
The Singapore based telecom giant told shareholders it supports the plan, which could raise between $800 million and $1 billion, marking one of the largest technology infrastructure IPOs in India.
The listing would value STT GDC India at between $6 billion and $7 billion, according to people familiar with the matter.
Advisors including Axis Capital and Citi have been tapped to manage the offering.
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The business operates 30 facilities across 10 Indian cities, with more than 400 megawatts of IT load capacity, making it one of the country’s largest data centre operators.
Singtel holds a 25 percent stake in ST Telemedia Global Data Centres (STT GDC), acquired alongside private equity firm KKR earlier this year for $13.8 billion.
The investment gives Singtel exposure to a rapidly expanding sector driven by cloud adoption, artificial intelligence, and digital services.
The company emphasized that its stake is strategic, not passive, allowing flexibility for future listings or restructuring.
The IPO plan comes as Singtel pursues a $9 billion asset recycling program, aimed at unlocking value from non core holdings while bolstering shareholder returns.
The company is also running a $2 billion share buyback program, designed to lift earnings per share and signal confidence in its long term strategy.
Singtel’s data centre subsidiary Nxera is expected to deliver EBITDA above $300 million by 2028, supported by new capacity at its Tuas facility in Singapore.
The company has stressed its commitment to environmental responsibility in data centre expansion, a critical issue given the sector’s heavy energy demands.
India’s data centre market is booming, fueled by surging demand for cloud services, digital payments, and AI driven applications.
Rival operators such as Sify Infinit Spaces and Yotta Data Services are also eyeing listings, highlighting the competitive landscape.
For Singtel, the IPO represents both capital raising and valuation uplift, aligning with global investor enthusiasm for infrastructure assets.
Still, risks remain. Market volatility could affect valuation targets, while regulatory hurdles in India’s listing process may delay timelines.
Competition from domestic rivals and hyperscale cloud providers could also pressure margins despite strong demand.
For Singtel, however, the potential listing is more than a financial maneuver.
It reflects a broader strategic pivot toward digital infrastructure, positioning the company at the heart of Asia’s data economy.
If successful, the IPO would not only reinforce India’s role as a hub for global data services but also mark a milestone in Singtel’s transformation from a traditional telecom operator into a diversified digital player.
At a time when investors are increasingly drawn to infrastructure assets, Singtel’s support for the STT GDC India IPO signals confidence in both the company’s strategy and the long term trajectory of the region’s digital economy.
