SBI Funds Raises Rs 2,663 Crore From Anchor Investors Ahead of IPO

SBI Funds Management Ltd raised Rs 2,663 crore from anchor investors a day before its initial public offering opens, the company said in a filing. The IPO, which opens for retail bidding Thursday, is the first by an Indian asset manager in over a decade.

The anchor book included sovereign wealth funds, domestic mutual funds and insurance companies. Singapore's GIC and Canada's Ontario Teachers' Pension Plan were among the investors, according to the filing.

The IPO is a pure offer-for-sale of 2.08 crore shares by parent State Bank of India, which will sell a 6% stake. SBI will hold 68% after the listing. The price band is set at Rs 1,010 to Rs 1,020 per share.

SBI Funds manages about Rs 10.5 lakh crore in assets across equity, debt and ETF portfolios. The proceeds from the OFS go entirely to the selling shareholder.

The issue closes Monday.