topstockalerts
Jul 16, 9:18 PM
SBI Funds Management's
$960 million IPO attracted bids worth nearly
$29 billion, making it India's fourth-most oversubscribed public offering on record. The shares were priced at 574 Indian rupees (
$5.96) each, with anchor investors including BlackRock and sovereign wealth funds from Singapore, Abu Dhabi, and Norway committing about
$2.8 billion. Institutional investors drove demand, subscribing 140 times their allocated portion, while retail and SBI shareholder tranches were subscribed 3.6 and 9.5 times, respectively.
The company, a joint venture between State Bank of India and Amundi, manages approximately
$131 billion in assets, making it India's largest asset manager. The stock is scheduled to begin trading on July 21. The successful IPO signals a recovery in India's primary market ahead of anticipated blockbuster listings from Reliance Jio and the National Stock Exchange later this year.
$SBI
