State Bank of India has trimmed the size of its offer-for-sale (OFS) in the upcoming initial public offering of SBI Funds Management Ltd (SBIFM) by 2.88 crore equity shares.
The reduction follows the completion of a pre-IPO secondary share sale on July 10, which saw three investors commit more than ₹100 crore each to the transaction.
42% stake to 30 investors, clearing a significant hurdle ahead of the public listing.
The adjustment in the OFS size reflects the successful execution of the pre-IPO placement, which raised a total of ₹1,655 crore.
The round involved the sale of a 1.42% stake to 30 investors, clearing a significant hurdle ahead of the public listing.
By offloading a portion of its stake privately, SBI reduces the dilution pressure on the public market during the IPO.
This development occurs against a backdrop of contracting equity issuance in India.