Prashant Jain, other top investors pick Rs 1,655 crore stake in SBI Funds Management pre-IPO deals

SBI Funds Management completed a pre-IPO share sale of 1.42 percent equity at Rs 574 per share, attracting about Rs 1,655 crore from 30 investors including PI Opportunities Fund-II, Akash Manek Bhanshali, and Prashant Jain's 3P India Equity Fund. The upcoming Rs 11,693 crore IPO opens on July 14 with a price band of Rs 545-Rs 574 and is entirely an Offer for Sale, with listing expected on July 21. SBI Funds Management, India's largest AMC, manages about Rs 16.32 lakh crore in assets, accounting for around 15.5 percent of industry AUM.