SBI Funds Management secured Rs 1,655 crore by selling shares to institutional investors and select individuals ahead of its planned IPO. The asset manager, India’s largest, placed roughly 2.88 crore shares with 30 buyers. Major participants included PI Opportunities Fund-II and Enam’s Akash Manek Bhanshali, each committing about Rs 200 crore, along with 3P India Equity Fund I investing around Rs 150 crore. Additional buyers comprised Bennett Coleman & Co, Malabar India Fund, Tata AIG General Insurance, Go Digit General Insurance, Anand Rathi Global Finance, Capri Global Ventures and Clarus Capital. SBI filed that agreements were executed on July 9 for a 1.42 percent stake at Rs 574 per share, the top of the IPO band. Completion is slated for July 10. The upcoming Rs 11,693 crore IPO ranks as the largest public offering of 2026 so far. Reports indicated the firm sought up to Rs 2,000 crore from institutions before the public sale.
