SBI Funds Management cuts IPO to ₹9,812.9cr after ₹1,880cr sale
Business
SBI Funds Management (SBIFM), India's top asset manager, just cut its IPO size to ₹9,812.9 crore.
This happened after SBI and Amundi sold 3.27 crore shares, about 1.6% of SBIFM's equity, to 30 major investors for ₹1,880 crore at the highest price band.
Big investors bought 34.84L each
Big names like PI Opportunities Fund and Akash Manek Bhanshali grabbed 34.84 lakh shares each for ₹200 crore.
The IPO is a full offer-for-sale of 17.09 crore shares; employees get a special ₹54 per share discount.
The anchor book opens July 13; public issue runs July 14-16; allotment is expected July 17; and listing is set for July 21.