State Bank of India has revised the proportion of shares it will sell in the SBI Funds Management IPO and reduced it to 4.89%, according to an exchange filing on Saturday.
The offer for sale now comprises an offer for sale of up to 9.95 crore equity shares (amounting to 4.8851% of the paid-up equity share capital of SBIFM) by State Bank of India, as per the filing.
India's largest public lender was earlier planning to offload up to 6.3% in the offer for sale issue for SBI Funds.
"The size of the offer for sale by the State Bank of India in the IPO has been revised from up to 128,334,397 Equity Shares (amounting to 6.3007% of the paid-up equity share capital of SBIFM) to up to 99,501,649 Equity Shares (amounting to 4.8851% of the paid-up equity share capital of SBIFM)," the filing stated.
The announcement comes after SBI divested a 1.4% stake in SBI Funds Management for Rs 1,655 crore late on Friday, ahead of the AMC's public issue.
According to an exchange filing, SBI sold 2.9 crore shares to 30 key investors at Rs 574 per share. The transaction values SBI Funds Management at over Rs 1.18 lakh crore and sets the tone for the upcoming IPO.
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SBI Funds Management IPO Details
SBI Funds Management, India's largest asset management company by mutual fund assets, is all set to launch an initial public offering (IPO) to raise almost Rs 11,700 crore from the primary market. There is no fresh issue, so the company will not receive any proceeds.
Issue Details And Timeline
- Price band: Rs 545 - Rs 574 per share
- Lot size: 26 shares
- Minimum retail application: Rs 14,924 (at upper end of price band)
- Anchor investor book: July 13, 2026
- Subscription window: July 14 - 16, 2026
- Basis of allotment: July 17, 2026
- Refunds and demat credit: July 20, 2026
Allocation Breakdown
- Qualified institutional buyers (QIBs): 50%
- Large HNIs (non-institutional): 10%
- Small HNIs (non-institutional): 5%
- Retail individual bidders: 35%
SBI Share Price
On Friday, SBI shares ended 1.42% higher at Rs 1,036.15. SBI shares' 52-week high is Rs 1,234.80, while its 52-week low is Rs 786.55 apiece.
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