ETFs & Funds
Home›ETFs & Funds›Fund Industry›SBI says it is not planning further stake dilution in…
SBI says it is not planning further stake dilution in SBI Funds
SBI Funds Management raised ₹9,812.9 crore in its IPO, and the shares began trading at ₹613.30, 6.9% above the IPO price.
State Bank of India chairman C.S. Setty said SBI has no immediate plans to further dilute its stake in SBI Funds Management after the asset manager’s stock market listing.
According to LiveMint, SBI Funds Management listed on the National Stock Exchange at ₹613.30 per share, representing a 6.85% premium over the IPO price of ₹574.
The IPO was an offer for sale of 17.10 crore equity shares by existing promoters SBI and Amundi India Holding, raising ₹9,812.91 crore, the outlet reported. The listing price moved below expectations tied to the grey market premium, which suggested a higher valuation at debut.
Setty said the listing’s objective was not to raise fresh capital, but to bring the systemically important asset manager to public markets, and he said the move does not change the SBI and Amundi partnership. He also pointed to IPO participation, with the issue seeing an overall subscription of 41.66 times, while retail was subscribed 3.60 times, according to NSE data cited by LiveMint.