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The Economic Times
The Economic Times
Akash Podishetti

SBI Funds reduces IPO size to Rs 9,813 crore after pre-offer placement. Will it impact listing gains?

SBI SBI Funds IPO SBI Funds Management Amundi Amundi India Holding State Bank of India AMC India

SBI Funds Management has reduced the size of its IPO to Rs 9,813 crore from Rs 11,693 crore after raising about Rs 1,655 crore through a pre-IPO placement to 30 anchor investors. The issue will open for subscription on July 14 and close on July 16. The IPO is entirely an offer-for-sale (OFS) by State Bank of India and Amundi India Holding. Since there is no fresh issue, SBI Funds Management will not receive any proceeds from the IPO.

The pre-IPO placement was completed at Rs 574 per share, the upper end of the IPO price band. State Bank of India sold 28,832,748 equity shares, representing 1.42% of SBI Funds Management's pre-IPO equity capital. According to SBI's exchange filing, the bank signed the share purchase agreements on July 9. The transaction was scheduled to be completed by July 10.

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