SBI Funds IPO raises ₹2,663 crore from anchor investors led by Singapore and ADIA

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.