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The Economic Times
The Economic Times

SBI to sell 1.42% stake in SBI Funds in pre-IPO deal

SBI SBI Funds IPO SBI Funds Management India State Bank of India

State Bank of India will sell a 1.42% stake in asset management unit SBI Funds Management to 30 investors for 16.55 billion rupees ($173.5 million) in a pre-IPO placement, the lender said on ‌Thursday.

The stake ⁠sale ⁠at 574 rupees per share - the top end of the asset manager's IPO price band - provides an early benchmark for the unit's valuation and indicates institutional demand before the public offering.

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