SBI sells 1.42% in SBI Funds Management ahead of IPO
Business
SBI is selling a small 1.42% slice of its mutual fund arm, SBI Funds Management, just before the company's IPO.
The shares (28.8 million in total) are being picked up by big names like Tata AIG and Go Digit for ₹16.55 billion, with each share priced at ₹574 (that's the top end of the IPO range), hinting at strong investor interest.
IPO targets $1.22bn and ₹1,17,000cr valuation
The SBI Funds Management IPO opens July 14 and runs for three days, aiming to raise $1.22 billion at a valuation that could hit ₹1.17 trillion.
Both SBI and its partner Amundi are offloading about 10% equity together (over 200 million shares).
If you're watching the markets, keep an eye out: listing is expected on July 21.
Fun fact: SBI Funds is India's largest asset manager.