SBI Funds Management, India's largest asset manager, is set to launch an initial public offering (IPO) aiming to raise $1.2 billion. The price band for the IPO has been fixed between ₹600 and ₹630 per share. Sources indicate the company is targeting a valuation of up to $13.5 billion post-IPO, though earlier estimates had placed its valuation higher, between $14 billion and $15 billion.
The IPO, which is an offer for sale (OFS), will see existing shareholders State Bank of India (SBI) and Europe's largest asset manager Amundi collectively selling approximately 10% of their shares. SBI will divest about 6.3% of its stake, potentially raising over ₹8,000 crore, while Amundi is expected to offload 3.7%, fetching nearly ₹5,000 crore. The offering comprises an OFS of 20.37 crore equity shares, meaning the company itself will not receive any proceeds.
Institutional investors, including Abu Dhabi Investment Authority (ADIA) and Singapore's GIC, have shown significant interest, with commitments reportedly nearly five times the amount reserved for them. Despite strong institutional demand, 50% of the offer is reserved for individual investors. The IPO is expected to open during the week of July 13th, kicking off a busy second half of 2026 for India's public offerings, with other major listings like Reliance Jio and National Stock Exchange also anticipated. This IPO will be India's largest since early 2026 and is considered crucial for the revival of investor interest in Indian equities.
