SBI Mutual Funds News: SBI Fund Management Limited is one of the top Asset Management Company in India. This fund house is a joint venture between State Bank of India and Amundi Asset Management of France. SBI Mutual Fund House is going to bring its IPO soon. The company has targeted to raise $500 million through this IPO. SBI Funds Management is going to appoint investment bankers for its IPO.
SBI Fund has received bids from several investment bankers this week. Many domestic and foreign banks have put their bids for SBI Funds IPO Mandate. The fund house will now appoint an investment banker after studying the presentation from the bidding banks.
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largest mutual fund
State Bank of India currently holds 62.63 per cent stake in SBI Mutual Funds while the remaining 36.78 per cent is held by Amundi India Holding. It is a subsidiary of Amundi Asset Management of France. The headquarter of SBI Fund is in Mumbai. It is the largest mutual fund in India from the perspective of Asset Under Management (AUM).
Some time ago SBI Mutual Fund had indicated that SBI and Amundi would sell their 10 percent stake in this IPO. Out of this 10 percent, SBI will sell 6 percent stake while Amundi will sell the remaining 4 percent stake.
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$500 million IPO
SBI Mutual Funds has not yet disclosed the size of this IPO. But experts say that the IPO can be at least $ 500 million.
SBI Mutual Fund will be the fourth mutual fund to bring an IPO. HDFC Asset Management, Nippon Life India Asset Management and UTI Asset Management Co Ltd have also brought IPO in the market before this.
Let us inform that in the month of December, a record investment of Rs 24,989.57 crore has come in equity mutual funds, which is more than double of Rs 10,686.77 crore in November. In the month of December, a record investment of Rs 11,305.34 crore was also seen in SIP plans of mutual funds.
Tags: IPO, Mutual funds, sbi, Share market, stock market