SBI Funds Management engages nine banks for $1.4bn IPO – report

Group 1 - SBI Funds Management is planning an initial public offering (IPO) expected to raise approximately $1.4 billion in the first half of 2026 [1] - The company is working with nine financial institutions, including Kotak Mahindra Capital, ICICI Securities, and others, to guide the IPO process [1] - The anticipated valuation of SBI Funds Management may reach around $14 billion [2] Group 2 - State Bank of India (SBI) plans to sell 6.3% of its 61.9% stake in SBI Funds Management, while Amundi intends to divest 3.7% of its 36.4% stake [3] - SBI's chairman has emphasized the goal of completing the IPO within 12 months, with no current plans for other IPOs or stake sales [3] - The recent successful IPO of ICICI Prudential Asset Management, which raised $1.2 billion, may influence market conditions for SBI's upcoming offering [3][4]