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What is the story about?
State Bank of India (SBI) has revised the Offer for Sale (OFS) size in the upcoming initial public offering (IPO) of SBI Funds Management following the completion of its ₹1,655 crore pre-IPO stake sale.
According to the revised offer details, SBI will now sell 4.89% of SBI Funds Management through the IPO, down from the earlier proposed 6.30% stake.
Consequently, the total OFS has been reduced to 17.10 crore equity shares, compared with the earlier proposed offer of over 20 crore shares.
The revision reflects the completion of SBI's pre-IPO placement, under which the lender sold 2.88 crore equity shares, representing 1.42% of SBI Funds Management's pre-IPO equity capital, at ₹574 per share, raising ₹1,655 crore from 30 investors.
The IPO remains a pure Offer for Sale, with no fresh issue of shares. As a result, SBI Funds Management will not receive any proceeds from the issue, and the entire amount raised through the IPO will accrue to the selling shareholders.
The company has fixed the price band at ₹545-574 per share. The public issue is scheduled to open on July 14 and close on July 16, while the anchor investor portion will open on July 13.
SBI Funds Management, a joint venture between State Bank of India and Amundi, is India's largest asset management company, managing ₹12.5 lakh crore in mutual fund assets with a 15.3% market share. The listing will mark the third IPO by an SBI subsidiary, following SBI Life Insurance and SBI Cards & Payment Services.
Also Read: Stocks to Watch for July 13: Avenue Supermarts, LTM, Just Dial, HCLTech, Oil and more
According to the revised offer details, SBI will now sell 4.89% of SBI Funds Management through the IPO, down from the earlier proposed 6.30% stake.
Consequently, the total OFS has been reduced to 17.10 crore equity shares, compared with the earlier proposed offer of over 20 crore shares.
The revision reflects the completion of SBI's pre-IPO placement, under which the lender sold 2.88 crore equity shares, representing 1.42% of SBI Funds Management's pre-IPO equity capital, at ₹574 per share, raising ₹1,655 crore from 30 investors.
The IPO remains a pure Offer for Sale, with no fresh issue of shares. As a result, SBI Funds Management will not receive any proceeds from the issue, and the entire amount raised through the IPO will accrue to the selling shareholders.
The company has fixed the price band at ₹545-574 per share. The public issue is scheduled to open on July 14 and close on July 16, while the anchor investor portion will open on July 13.
SBI Funds Management, a joint venture between State Bank of India and Amundi, is India's largest asset management company, managing ₹12.5 lakh crore in mutual fund assets with a 15.3% market share. The listing will mark the third IPO by an SBI subsidiary, following SBI Life Insurance and SBI Cards & Payment Services.
Also Read: Stocks to Watch for July 13: Avenue Supermarts, LTM, Just Dial, HCLTech, Oil and more
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