India’s largest asset manager SBI Fund Management is seeking a valuation of up to 1.17 trillion rupees (US$12.24 billion) in its initial public offering this week.
The IPO price range has been at 545–574 rupees a share, the State Bank of India, the largest shareholder in the asset management firm, says in a filing to the National Stock Exchangeof India on July 8.
The bank is selling 128.33 million shares in SBI Fund Management. The second largest shareholder, Amundi India Holdings, a unit of French asset manager Amundi Asset Management, is selling 75.37 million shares.
The bank’s shareholding will drop from 61.86% to 55.6% after the IPO, while Amundi India will own 32.6%, down from the current 36.33%. The balance 11.8% will be in the hands of the public and employees.
The IPO opens on July 14 and the shares are expected to be listed on July 21.
SBI Fund Management had 12.5 trillion rupees of assets under management as of end-March.
