SBI Funds Management engages nine banks for $1.4bn IPO – report

SBI Funds Management has enlisted 9 fiscal institutions to usher its planned archetypal nationalist offering (IPO), reported Bloomberg, citing sources.

The IPO is anticipated to rise astir $1.4bn successful the archetypal fractional of 2026.

The radical of advisers includes Kotak Mahindra Capital, ICICI Securities, SBI Capital Markets, Motilal Oswal Investment Advisors, Axis Bank, JM Financial, arsenic good arsenic the Indian arms of HSBC Holdings, Citigroup and Bank of America.

The formalisation of these appointments is expected soon, with estimates suggesting that the company’s valuation whitethorn scope astir $14bn.

Sources bespeak that discussions regarding the operation and scope of the offering are ongoing and taxable to revision.

SBI Funds Management operates arsenic a associated task betwixt State Bank of India and Amundi. Last year, some partners disclosed plans for an IPO involving a combined 10% involvement sale.

State Bank of India, which owns 61.9% of the plus absorption company, plans to merchantability 6.3% of its holding. Amundi, with a 36.4% stake, intends to divest 3.7%.

Representatives for State Bank of India, Amundi SA, SBI Funds Management, and the listed banks refrained from commenting.

State Bank of India president CS Setty, precocious stated successful an interrogation with The Economic Times: “Our absorption is connected completing the IPO of SBI Mutual Fund wrong 12 months. No plans for different IPOs oregon involvement sales.”

The announcement comes soon aft ICICI Prudential Asset Management raised $1.2bn done an IPO past period that drew subscriptions much than 39 times the disposable shares.

ICICI Prudential AMC presently holds a valuation of astir $14bn.

"SBI Funds Management engages 9 banks for $1.4bn IPO – study " was primitively created and published by Private Banker International, a GlobalData owned brand.

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