India's largest asset manager is pursuing a roughly $1.2 billion share sale by State Bank of India and Amundi, with ADIA and GIC cited among expected investors and listing targeted for 21 July 2026.
SBI Funds Management Ltd. has filed its Red Herring Prospectus for an IPO on Indian exchanges, setting a price band of INR 545 to INR 574 per share for an offer for sale of up to 10% of outstanding equity by State Bank of India and Amundi. The transaction, previously expected to raise about $1.2 billion and value the asset manager at around $12.3 billion, is scheduled to open for subscription from 14 to 16 July 2026, with anchor bidding on 13 July and a tentative listing on 21 July 2026. Reuters earlier reported, citing sources, that Abu Dhabi Investment Authority and Singapore's GIC were set to invest and that institutional commitments were nearly five times the amount reserved for such investors, even as about 50% of the offer was planned for individual investors. The company said the IPO remains subject to regulatory requirements, approvals, market conditions and other considerations.