SBI Funds Management Ltd.’s biggest investors are seeking to raise as much as 116.9 billion rupees ($1.22 billion) in what’s expected to be India’s first billion-dollar IPO of the year.
State Bank of India and France’s Amundi SA are offering as many as 203.71 million shares in the nation’s largest fund house by assets for 545 rupees to 574 rupees apiece, according to a statement dated July 8. SBI Funds isn’t selling shares in the offering, which represents a 10% stake in the firm.
At the top of the range, the listing would value SBI Funds at about 1.17 trillion rupees. At that market value, the company would rank as India’s second-largest publicly-traded asset manager, data compiled by Bloomberg show. ICICI Prudential Asset Management Co. currently has a market capitalization of about $16.27 billion, while HDFC Asset Management Co. is valued at around $11.93 billion.
Order-taking for anchor investors is set to begin on July 13 and the IPO will close for subscription on July 16. SBI Funds is set to begin trading July 21.
The offering comes as India’s IPO market shows signs of reviving after a subdued first half. A pipeline of billion-dollar listings is expected in the coming months, including those from billionaire Mukesh Ambani-backed Jio Platforms Ltd., the National Stock Exchange of India Ltd. and Manipal Health Enterprises Ltd.
Indian IPOs have raised nearly $4 billion this year, compared with $6.2 billion in the corresponding period in 2025, according to data compiled by Bloomberg.
State Bank plans to sell as many as 128.3 million SBI Funds shares, or about 6.3% of the company, while Amundi will offload 75.4 million, or about 3.7%.