SBI Mutual Fund IPO Selects Investment Bankers For IPO, One Billion Dollar To Be Raised By IPO

SBI Mutual Fund IPO Update: The country’s largest mutual fund company SBI Mutual Fund has started with a lot of noise to bring IPO. State Bank of India, the country’s largest state-run bank, is about to get its joint venture mutual fund company SBI Funds Management Private Limited listed in the market by bringing IPO. And for this, a syndicate of seven investment bankers has been selected. Let us tell you that SBI Mutual Fund is going to raise one billion dollars i.e. 7500 crore rupees from the market through IPO.

Bank’s board approved IPO
The Executive Committee of the Board of SBI has given its approval to explore the possibility of selling the bank’s 6 per cent stake in SBI Funds Management Private Limited through an IPO on receipt of all regulatory approvals. SBI has shared information with the stock exchanges about the possibilities of bringing an IPO of its asset management company. SBI Mutual Fund is a joint venture between State Bank of India (SBI) and Amundi Asset Management of France. Through the IPO, SBI will sell 6 percent and Amundi Asset Management will sell 4 percent.

Preparation to raise one billion dollars through IPO
It is believed that through the IPO, SBI Mutual Fund can raise about one billion dollars from the market through the IPO, after which the company is expected to get a valuation of $ 7 billion.

SBI Mutual Fund is the largest asset management company
SBI Mutual Fund is the largest asset management company in the country. And after being listed on the stock exchange, it will become the fifth asset management company. Currently HDFC AMC, UTI Asset Management Company, Nippon Life India Asset Management and Aditya Birla Sun Life AMC are already listed in the market. Earlier, just before Corona’s knock in the country, SBI had brought the IPO of its cards company SBI Cards, from which about Rs 10,500 crore was raised from the IPO.

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