India’s largest asset manager, SBI Funds
Management, sold shares worth 26.63 billion rupees
($278.50 million) to anchor investors including the sovereign
wealth funds of Singapore and Abu Dhabi, as part of its $1.2
billion IPO.
SBI Funds has allocated 46.4 million shares to anchor
investors at 574 rupees, the upper end of the IPO price band, it
said in a filing late Monday.
• The asset manager is seeking a valuation of up to 1.17
trillion rupees through its IPO, in what is set to be one of
India’s largest public offerings this year.
• The Government of Singapore was allocated 2.7 million
shares, or 5.72% of the IPO anchor book, while the Monetary
Authority of Singapore took 1.04%. Abu Dhabi Investment
Authority (ADIA), Norway’s sovereign wealth fund and BlackRock
funds each bought 1.6 million shares.
• India’s largest insurer, LIC, and Canada’s
Capital Group Global Equity Fund bought 3.1 million shares, or
6.76%, each.
• Domestic mutual funds, including those of HDFC, ICICI and
Axis, were allocated 37.2% of the anchor book, worth about 9.91
billion rupees.
• SBI Funds is a joint venture between the country’s
largest lender State Bank of India and Europe’s largest
asset manager Amundi. SBI and Amundi are offloading a
total of 203.7 million shares in the offering, while SBI Funds
is not selling new shares.
• The share sale to other investors will run from July 14-16
with a price band of 545 to 574 rupees per share. The stock is
expected to list on Indian stock exchanges on July 21.
• SBI separately said last week it will sell a 1.42% stake
in SBI Funds to 30 investors for 16.55 billion rupees in a
pre-IPO placement.