SBI Funds Management seeks $13-$15 billion valuation in $1.5bn IPO
Business
SBI Funds Management is about to begin formal marketing for its IPO next week, aiming to raise up to $1.5 billion.
Most of the shares, 75%, are set aside for Indian investors, and there's talk of a pre-IPO share sale worth $350 million too.
With this move, SBI Funds is seeking a valuation between $13 and $15 billion, which would put it right up there with big players like ICICI Prudential AMC.
Nine banks lead SBI Funds IPO
Nine banks, including Kotak Mahindra Capital and HSBC, are leading the charge on this IPO.
SBI Funds is jointly owned by State Bank of India and Amundi SA; both are selling part of their stakes (6.3% from SBI, 3.7% from Amundi), but no new shares are being created.