The offering also attracted strong demand from India’s leading mutual funds and insurance companies
Published Mon, Jul 13, 2026 · 12:57 PM
THE Capital Group, BlackRock, Fidelity Investments and Goldman Sachs Asset Management are among key investors that participated in the anchor book of SBI Funds Management, which was subscribed more than 20 times before the company’s initial public offering, according to people familiar with the matter.
Sovereign wealth funds including Abu Dhabi Investment Authority, Singapore’s GIC and Norway’s Norges Bank Investment Management also submitted bids in the anchor tranche, the people said, asking not to be identified because the information is private. The offering also attracted strong demand from India’s leading mutual funds and insurance companies, they said.
Bankers managing the offering are expected to allocate about 51 million shares to anchor investors at 574 rupees apiece, the top end of the marketed price range, raising about 29.44 billion rupees (US$309 million), the people said.
The deliberations are ongoing, and details of the offering, including the anchor allocation, could still change, the people said. Capital Group and Norges Bank declined to comment. Representatives for SBI Funds, SBI, Amundi and the other anchor investors did not respond to requests for comment.
State Bank of India and France’s Amundi have offered as many as 203.71 million shares in the country’s largest asset manager by assets at a price band of 545 rupees to 574 rupees apiece, according to the offer document dated Jul 8.
State Bank of India on Friday (Jul 10) allotted 28.8 million shares to 30 investors at 574 rupees apiece in a pre-IPO placement, raising about 16.6 billion rupees, according to an exchange filing dated Jul 10. Following the placement, the size of the IPO has been reduced to about 98.13 billion rupees.
The SBI Funds offering is India’s first billion-dollar IPO in 2026 and will serve as a key test of investor appetite ahead of a crowded pipeline of large share sales. Companies have raised nearly US$4 billion through IPOs in India so far in 2026, compared with about US$22 billion raised in 2025, according to data compiled by Bloomberg.
The public issue is scheduled to open for subscription on Jul 14 and close on Jul 16. Shares are expected to begin trading on Jul 21. BLOOMBERG
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