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State Bank of India (SBI) has raised Rs.1,655 crore by selling a 1.42% stake in its asset management subsidiary, SBI Funds Management Ltd (SBIFM), through a pre-IPO placement to 30 investors ahead of the company's public listing.

According to a regulatory filing, SBI sold 2.88 crore equity shares, representing 1.415% of SBIFM's pre-offer share capital, at Rs.574 per share. The transaction was completed through share purchase agreements signed on July 9, 2026.

The issue price of Rs.574 per share also represents the upper end of the IPO's price band. IPO to Open on July 14

SBI Funds Management's Rs.11,600-crore initial public offering (IPO) is scheduled to open for subscription on July 14 and close on July 16.

The public issue is entirely an Offer for Sale (OFS) by the company's promoters—State Bank of India and Amundi India Holding—with no fresh issue of shares.

The pre-IPO placement attracted several institutional and corporate investors.

Among the participants were 360 ONE funds, Tata AIG General Insurance Company, Go Digit General Insurance, Bennett Coleman, Anand Rathi Global Finance, Capri Global Ventures, and Carnelian Bharat Amritkaal Fund, among others.

The bank said the stake sale forms part of the pre-IPO placement process ahead of SBIFM's proposed listing on the stock exchanges.

With an issue size of Rs.11,600 crore, the SBI Funds Management IPO is expected to be one of India's largest public offerings this year.

Company officials have also expressed confidence that several marquee institutional investors are likely to participate in the IPO over the coming days.

The listing will be followed by other high-profile public offerings expected later this year, including those of the National Stock Exchange (NSE) and Jio Platforms. (Inputs from PTI)