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State Bank of India and Amundi are set to launch an IPO for their joint venture, SBI Funds Management, potentially selling a 10% stake in India's largest mutual fund.
State Bank of India (SBI) has announced plans for an Initial Public Offering (IPO) of its mutual fund joint venture with French asset manager Amundi. The IPO could see SBI and Amundi jointly selling up to 10% of SBI Funds Management, which is currently India's largest mutual fund, managing assets worth ₹6.30 lakh crore.
According to initial discussions, the IPO is expected to raise around ₹6,000 crore. This move aims to unlock value in SBI Funds Management and provide an opportunity for public participation in the growing asset management space. The offering is anticipated to draw significant investor interest, given SBI Mutual Fund's leading position in the Indian market and the strong brand recognition of both SBI and Amundi. Details regarding the IPO timeline, price band, and the exact percentage of stake dilution are yet to be finalized.
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