SBI Funds Raises Rs 1,655 Crore in Pre-IPO Placement

SBI Funds Management raised Rs 1,655 crore through a pre-IPO placement, the asset manager said. The round included participation from existing and new institutional investors.

The capital raise comes ahead of a planned initial public offering by the firm, which manages assets across equity, debt, and alternative investment strategies. SBI Funds is one of India's largest asset managers by assets under management.

The pre-IPO placement was structured as a private sale of shares to institutional buyers, a step that typically precedes a public listing by several months. The company did not disclose a timeline for the IPO.

SBI Funds Management is a subsidiary of State Bank of India, the country's largest lender by assets. The parent holds a majority stake in the asset manager.