SBI Funds Management opens IPO for public subscription July 14
Business
SBI Funds Management, which runs SBI Mutual Fund, is opening its IPO for public subscription from July 14 to 16 (anchor investors get a head start on July 13).
The offer is all about selling existing shares, up to 20.37 crore of them, making up just over 10% of the company.
IPO proceeds go to sellers
State Bank of India will offload a 6.3% stake (12.83 crore shares), while Amundi India Holding is letting go of 3.7% (7.53 crore shares).
All the money raised goes straight to these shareholders: no new shares are being created.
This IPO comes as India's mutual fund scene is booming, especially with more retail investors and folks from smaller cities jumping in.