SBI Funds Management raised ₹26.63 billion ($278.5 million) from anchor investors on July 13. The company allocated over 46 million shares at ₹574 apiece. This pricing sits at the upper end of the IPO price band.
The anchor book reportedly received subscriptions more than 20 times the offered size. Sovereign wealth funds GIC and the Abu Dhabi Investment Authority (ADIA) led the foreign participation. Global asset managers BlackRock, Capital Group, and Fidelity also joined the round.
Domestic institutional investors included the Life Insurance Corporation of India (LIC) and various mutual funds. The public issue for the State Bank of India and Amundi joint venture opens on July 14. This transaction is expected to be one of India’s largest initial public offerings this year.