Yotta files for Nasdaq listing, eyes more than $450 mn from IPO

Yotta Data Services, a data center and cloud computing firm backed by real estate developer Hiranandani Group, has filed for an about $463 million listing on the Nasdaq, a company presentation to the US Securities and Exchange Commission (SEC) showed.

The final market registration form was submitted on 30 December through Yotta’s holding entity, Nidar Infrastructure.

In June last year, Nidar had merged with Cartica Acquisition Corp., a special purpose acquisition company, with the transaction attributing Yotta an enterprise value of $4.2 billion, according to the company presentation.

Shareholders of Yotta, which claims to be an expert in the design, build and operation of tier-III and -IV data centers, are expected to retain 82.6% ownership in the data center developer (assuming redemptions of 14% of Cartica’s public shares).

“This marks the first time the promoters are diluting their equity stake in Yotta. The listing is expected soon, subject to regulatory clearance,” chief executive officer Sunil Gupta told Mint on Monday.

Yotta is present in Mumbai, Greater Noida, GIFT City (Gandhinagar), Pune, Chennai and Dhaka.

The proceeds from the IPO will be used to fund capital expenditure plans, primarily on growing its graphic processing unit (GPU) infrastructure.

Yotta had placed an order for 16,384 of Nvidia’s advanced H100 GPUs, of which 4,096 were delivered between March and May 2024, with an additional 4,096 GPUs to be delivered by December 2024.

The company has already installed 4,096 GPUs across its data centers of which 1,752 are in use, with tenants primarily comprising firms in pharmaceuticals and artificial intelligence.

Yotta expects 8,192 GPUs to be delivered through this year, and also plans to place an order for 16,384 more GPUs this year, it presentation showed.

Yotta’s AI services business is its fastest-growing segment as demand for GPUs is strong among Westerns countries, it said.