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SBI sells 1.42 percent SBIFM stake for Rs 1,655 crore
The Hindu··11 Jul
State Bank of India sold a 1.42 percent stake in SBI Funds Management Ltd to 30 investors for Rs 1,655 crore in a pre-IPO placement, The Hindu reported on July 10. The bank sold 2,88,32,748 shares at Rs 574 each, the higher end of the IPO price band, in agreements dated July 9. The entire Rs 11,600 crore IPO is an offer for sale by SBI and Amundi.
Prism
What It Means For You
- SBIFM IPO opens July 14 for retail and institutional investors.
- Pre-IPO pricing at Rs 574 signals strong market demand.
- More large IPOs from NSE and Jio may follow soon.
What's Happening
- SBI sold 1.42 percent of SBIFM for Rs 1,655 crore.
- Thirty investors bought shares in a pre-IPO placement.
- The Rs 11,600 crore IPO is entirely an offer for sale.
SBIFM IPO Background
- SBI Funds Management is SBI's asset management arm.
- Promoters SBI and Amundi India Holding are divesting via OFS.
- The listing is among the largest IPOs in recent times.
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