State Bank of India (SBI) has completed a pre-IPO placement round for its asset management subsidiary, SBI Funds Management Ltd (SBIFM), raising ₹1,655 crore.
The lender sold a 1.42% stake to 30 investors in the transaction, according to Hindu Businessline and Livemint.
The placement establishes a clear valuation floor for the upcoming initial public offering, which is scheduled to open for subscription on July 14.
The price band for the IPO was expected to be announced on July 9, providing investors with the final pricing parameters before the book-building process begins.
This move follows SBI’s filing of the red herring prospectus for SBIFM, marking the formal start of the public listing process for India’s largest asset management company.
The pre-IPO sale signals strong institutional interest in the asset management sector, even as the broader market awaits the final pricing details.