SBI Funds Management seeks Rs 2,000 crore in pre-IPO round

SBI Funds Management is seeking around Rs 2,000 crore in a pre-IPO placement as part of a public issue that could offer shares worth about Rs 9,500 crore. The IPO, set to launch between July 14 and 16 with a likely listing on July 21, is entirely an offer for sale of 20.37 crore equity shares by promoters State Bank of India (about 12.8 crore shares) and Amundi India Holding (about 7.5 crore shares), representing around 10% of paid-up equity. Unlisted shares were trading at around Rs 828, implying a valuation of about Rs 1.68 lakh crore, marginally above ICICI Prudential AMC's Rs 1.65 lakh crore market cap.