SBI Mutual Fund plans to launch its initial public offering during the week of July 13. The company expects to raise approximately $1.2 billion. This represents one of the largest public offerings in India’s financial sector this year. SBI Mutual Fund currently operates as the country's largest asset manager.
The IPO follows an offer-for-sale structure. Existing shareholders State Bank of India and French firm Amundi will divest a combined 10% stake. The company will not receive any proceeds from the share sale.
SBI Funds Management targets a valuation between $12.1 billion and $12.3 billion. Officials expect to announce the final price band around July 9.