SBI Funds Management to launch India IPO at ₹1.17Lcr valuation
Business
SBI Funds Management, India's top asset manager, is set to launch its initial public offering (IPO) later this month, aiming for a massive ₹1.17 lakh crore ($12.3 billion) valuation.
The company is a joint venture between State Bank of India and European investment giant Amundi.
SBI Funds IPO offers 10% stake
The IPO is set to launch in the week of July 13, with shares expected to hit the market by July 22, offering up 10% of the company as SBI and Amundi reduce their stakes.
With over ₹29 lakh crore in assets under management and more than 16 million investors served, SBI Funds Management leads the mutual fund scene in India.
They have also lined up nine investment banks to help steer this big moment.