State Bank of India (SBI) has filed the red herring prospectus for the initial public offering of its asset management joint venture, SBI Funds Management (SBIFM).
The filing marks the formal start of the public listing process for India's largest asset manager by assets under management.
The offering involves the sale of up to 203.71 million shares.
SBI will divest 128.33 million of these shares as part of the transaction.
The IPO is scheduled to open for subscription on July 14, with the price band expected to be announced on July 9.
The listing values the company at approximately $1.2 billion.