SEBI clears SBI Mutual Fund IPO through promoter stake sale
Business
SBI Mutual Fund, India's biggest asset manager, just got SEBI's approval to go public.
The upcoming IPO is all about the promoters, State Bank of India and Amundi India Holding, selling part of their stakes, so there won't be any new shares created.
SBI Mutual Fund IPO seeks ₹13,000cr
The IPO aims to raise about ₹13,000 crore and could launch as soon as next month.
SBI Mutual Fund, sponsored by SBI and established in 1987, was the first non-UTI mutual fund in India.
Once listed, it'll join other big names like HDFC AMC and ICICI Prudential AMC on the stock market.
The process is being handled by top merchant bankers including Kotak Mahindra Capital, Axis Capital, and ICICI Securities.