SBI Funds Management nets ₹1,655cr from 30 pre IPO investors
Business
SBI Funds Management, India's biggest asset manager, just pulled in ₹1,655 crore from 30 investors ahead of its big IPO.
Big names like PI Opportunities Fund - II and Akash Manek Bhanshali each dropped ₹200 crore to get in early.
This pre-IPO move sets the stage for a much larger public offering coming soon.
SBI Funds IPO opens July 14-16
The IPO opens for bidding July 14-16, with shares priced between ₹545 and ₹574 each.
If you're thinking about investing: one-half of the shares are set aside for big institutions, while regular retail investors get 35%, and high-net-worth folks share the last 15%.
Shares are expected to hit stock exchanges on July 21.
For context, SBI Funds is a joint venture between State Bank of India (which owns most of it) and Amundi.