India’s largest asset manager SBI Funds Management files for IPO

India’s largest asset manager SBI Funds Management filed for an initial public offering, where its existing investors State Bank of India and Amundi will together offload a 10% stake, its draft prospectus showed on Thursday.

In their second attempt to list the asset manager, SBI, India’s largest lender, will sell a 6.3% stake, while Europe’s biggest fund manager, Amundi, will sell a 3.7% stake.

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SBI Funds Management has a market share of more than 15% and manages assets worth 12.5 trillion rupees ($134.15 billion).