SBI Funds Management, India's largest asset manager, successfully opened its anchor book on July 13, drawing significant interest from prominent global institutional investors. These included Capital Group, BlackRock, Goldman Sachs, and Singapore's GIC, indicating robust demand for the company's $1.2 billion initial public offering. The strong institutional participation underscores the confidence in SBI Funds Management, a joint venture between the State Bank of India and Europe's largest asset manager, Amundi.
The IPO, which will be India's largest since early 2026, is valued at approximately $12.3 billion. SBI and Amundi are collectively selling a 10% stake in the joint venture. The issue has seen commitments from institutional investors nearly five times the amount reserved for them, although the fund house plans to reserve 50% of the offer for individual investors. This strategic allocation aims to ensure broad participation while capitalizing on strong institutional backing.
Following a pre-IPO placement where SBI Funds Management raised $198.8 million (₹1,655 crore) from 30 investors at ₹574 per share, the total IPO size has been adjusted to $1.17 billion (₹9,813 crore). The public subscription window for the IPO is set to open from July 14 to July 16, with shares expected to list on July 21. The enthusiastic response from anchor investors, including sovereign wealth funds like Abu Dhabi Investment Authority (ADIA) and GIC, bodes well for the overall success of the offering and subsequent listings of other major Indian companies like Reliance Jio and National Stock Exchange later in the year.
