Yotta Files for Nasdaq Listing, Eyes $463 Mn in IPO Proceeds

2 months ago 29
  • Published on February 10, 2025
  • In AI News

A company presentation to the SEC indicated that the listing is expected to generate approximately $463 million (₹4,064 crore) in cash.

Yotta

Yotta Data Services, a data centre and cloud computing firm backed by the Hiranandani Group, has submitted its final application to the US Securities and Exchange Commission (SEC) for a Nasdaq listing, CEO Sunil Gupta confirmed

While Gupta did not disclose the exact size of the initial public offering (IPO), a company presentation to the SEC indicated that the listing is expected to generate approximately $463 million (₹4,064 crore) in cash. The final market registration form was submitted on December 30 through Yotta’s holding entity, Nidar Infrastructure.

“We are in the process of our public listing with the US SEC. While the final IPO size remains undisclosed, this marks the first time the promoters are diluting their equity stake in Yotta. The listing is expected soon, subject to regulatory clearance,” Gupta said.

Yotta’s IPO proceeds are expected to fund these expansion projects and its growing GPU infrastructure. The company has already installed 4,000 GPUs across its data centers and is in the process of activating another 2,000. It has also secured two major clients and is supplying more than half of the advanced chips acquired by the Indian government under its AI Mission.

Yotta’s SEC filing valued the company at $4.2 billion. Despite reporting $44.6 million in revenue for FY24, the firm anticipates a significant jump to $143.3 million in the current fiscal year. 

However, high capital expenditures—driven by real estate, power, cooling infrastructure, and NVIDIA GPUs priced at around $40,000 each—have kept the company in the red. Yotta projects a net loss of $113 million for FY25, expected to narrow to $62 million the following year.

The company’s net debt, currently at $1.1 billion, could rise to $1.4 billion by FY26 as it continues to scale its GPU capabilities and data centre expansion.

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Mohit Pandey

Mohit writes about AI in simple, explainable, and sometimes funny words. He holds keen interest in discussing AI with people building it for India, and for Bharat, while also talking a little bit about AGI.

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