This week, Amundi and the State Bank of India announced the successful listing of SBI Funds Management, India’s largest asset manager.
SBI Funds
Management has listed its equity shares on the BSE
Limited and the National Stock Exchange of India, pursuant to its
initial public offering (IPO) – marking a milestone.
The listing represents the beginning of a new chapter in the
company’s three-decade journey of serving investors and creating
long-term wealth through disciplined investing.
The IPO received an overwhelming response from retail, wealth and
institutional investors, and was subscribed ~42 times, reflecting
confidence in SBI Funds’ business model, governance standards,
investment capabilities and long-term growth prospects, the firm
said in a statement. The participation from domestic and
international institutional investors, retail investors,
shareholders of State Bank of India (SBI) and employees of SBI
and SBI Funds underscores the confidence of the investment
community in both SBI Funds and India’s long-term economic growth
story.
“The listing of SBI Funds Management marks a defining milestone
in the company’s journey and reflects the trust that millions of
investors have placed in us over the years,” Shri Challa
Sreenivasulu Setty, chairman, State Bank of India, and chairman
and non-executive director, SBI Funds Management, said. “We
are deeply grateful for the overwhelming confidence shown by
investors across all categories.”
“As a listed company, SBI Funds enters a new phase of
responsibility and accountability. Guided by the highest
standards of governance and transparency, we remain committed to
creating long-term value for our shareholders while helping
millions of Indians achieve their financial aspirations through
disciplined investing,” the firm continued.
“The successful listing of SBI Funds Management is a remarkable
achievement for the company, a clear illustration of the depth
and dynamism of India’s capital markets, and a powerful
illustration of the strength and relevance of our long-standing
partnership with SBI,” Valérie Baudson, chief executive officer
of Amundi, added.
“Together, State Bank of India and Amundi have built the leading
asset management platform in India, combining SBI’s distribution
strength with Amundi’s global expertise in asset management and
its international perspective,” Baudson said.
“Over the years, SBIFM has established market positions across
many segments of the Indian asset management industry. It has
built a highly recognised brand and is well positioned to capture
opportunities arising from rising household savings and the
increasing shift towards financial assets in one of the world’s
most promising savings and investment markets.
“As long-term shareholders, we are fully committed to
contributing to this growth, and our partnership with SBI will
remain central to the future development of SBI Funds Management
Ltd,” Baudson added.