SBI Mutual Fund IPO News: SBI Mutual Fund is in the process of launching its IPO and listing the shares on the stock exchanges. According to a report by ET NOW, SBI Mutual Fund could soon hold a roadshow, as early as this month for its proposed IPO.
When a company holds an IPO roadshow, its management gives presentations to institutional investors to market their shares. Here, institutional investors include mutual funds and insurance companies.
An IPO roadshow is conducted by companies before going public. The purpose behind the IPO roadshow is to build confidence in the markets.
SBI Mutual Fund IPO News: Who Is The Owner?
As per the ET NOW report, the roadshow will be organised by State Bank of India (SBI) and French money manager Amundi. SBI and Amundi together own SBI Funds Management Ltd. SBI Funds Management Ltd runs SBI Mutual Fund.
Earlier in March, SBI Funds Management had filed its draft papers with SEBI for the proposed IPO.
SBI Mutual Fund IPO News: Size
SBI Mutual Funs IPO's size may be about USD 1.3 billion. The pegs the valuation of SBI Funds Management around USD 13 billion.
Back in January this year, SBI Funds Management had appointed nine bankers to manage its IPO. The nine bankers are: Axis Capital, BofA Securities, HSBC, ICICI Securities, Jefferies, JM Financial, Kotak Investment Banking, Motilal Oswal and SBI Capital Markets.
Reliance Jio IPO DRHP filing within days: Sources
SBI and Amundi India Holding will trim their stake in the company via IPO. As per ET ET NOW report, the two promoters have plans to sale a total of 10 per cent stake.
SBI could offload about 6.3 per cent stake or 128.3 million shares and Amundi may sell its 3.7 per cent stake or 75.4 million shares, according to the ET NOW report.
