SBI Funds Management to list July 21 after ₹11,692.91cr IPO
SBI Funds Management is all set to go public on July 21 after raising a huge ₹11,692.91 crore through its IPO.
Both State Bank of India (SBI) and Amundi are selling up to a combined 10% stake: SBI's letting go of up to 6.3%, Amundi is offloading up to 3.7%.
It's all happening via an offer for sale, so the money goes to these promoters, not the company.
SBI Funds priced ₹545-₹574 expected ₹1.17Lcr
IPO shares are priced between ₹545 and ₹574 each, with subscriptions open July 14 to 16 and listing on July 21.
The company's expected valuation post-listing is ₹1.17 lakh crore, and there's already buzz about a possible 12% listing gain thanks to strong gray market demand.
For context: SBI's remaining stake will now be worth more than ₹68,000 crore, a mind-blowing return compared to its original investment, and Amundi's holding also sees massive growth.