State Bank of India (SBI) has sold 1.42 per cent stake in its asset management arm, SBI Funds Management Ltd (SBIFM), to 30 investors for Rs 1,655 crore in a pre-IPO placement round, the bank said.
The lender sold the stake at Rs 574 per share, which is also the higher end of the IPO price band, according to an exchange filing.
SBI Funds Management's Rs 11,600-crore maiden public equity offering will open on July 14 and conclude on July 16. The entire IPO is an Offer for Sale (OFS) by promoters SBI and Amundi India Holding.
SBI sold the shares to investors including 360 ONE funds, <a href="https://www.mid-day.com/buzz/article/tata-aigs-zero-depreciation-cover-is-it-right-for-you-3784" target="_blank" rel="none noopener">Tata AIG</a> General Insurance Company, Go Digit General Insurance, Bennett Coleman, Anand Rathi Global Finance, Capri Global Ventures and Carnelian Bharat Amritkaal Fund.
"State Bank of India has entered into share purchase agreements each dated July 9, 2026 to sell, in aggregate, 2,88,32,748 <a href="https://www.mid-day.com/business/stock-market/article/stock-market-updates-sensex-nifty-end-in-green-as-psu-banks-and-realty-stocks-gain-23635756" target="_blank" rel="none noopener">equity shares</a> of SBIFM of face value Rs 1 each being equivalent to 1.415 per cent of pre-offer share capital of SBIFM, to a total of 30 investors at Rs 574 per equity share, for an aggregate consideration of Rs 1,655 crore," the bank said in a filing on Thursday.
The sale is part of the pre-IPO placement ahead of the proposed initial public offering (IPO) of SBIFM, the asset management arm of SBI.
One of the largest IPOs in the recent times, it is set to be succeeded by mega issuances from largest stock exchange <a href="https://www.mid-day.com/business/business-news/article/national-stock-exchange-files-draft-papers-for-indias-largest-ipo-worth-over-rs-30000-crore-23635795" target="_blank" rel="none noopener">NSE</a> and telco Jio Platforms.
On Thursday, the management exuded confidence that in the next 3-4 days, it will come out with multiple large names who will be investing in the company through the IPO.
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SBI sold 1.42 per cent stake at Rs 574 per share in SBI Funds Management for Rs 1,655 crore, in a pre-IPO placement round. 

 SBI sells 1.42% stake in SBI Mutual Fund for Rs 1,655 crore

Equity Mutual Fund inflow surges 26% to Rs 28,973 crore in June

SBI sold 1.42 per cent stake in its asset management arm SBI Funds Management for Rs 1,655 crore to 30 investors in a pre-IPO placement round. India's largest bank sold the stake at Rs 574 per share, which is also the higher end of the IPO price band.

SBI Mutual Funds IPO: Promoter SBI sells 1.42% stake for Rs 1,655 crore

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