SBI Funds raises ₹1,655 crore in pre-IPO share sale

SBI Funds Management raised Rs 1,655 crore from 30 marquee investors in a pre-IPO round ahead of its Rs 11,693-crore IPO opening on 14 July. The asset manager sold 28.83 million shares at Rs 574 apiece to investors including Azim Premji's PI Opportunities Fund-II, Prashant Jain's 3P India Equity Fund, Tata AIG, 360 One, and Temasek-backed Dymon Asia Capital. At the upper end of the Rs 545-574 price band, SBI Funds Management will command a market capitalisation of nearly Rs 1.17 trillion, making it the first billion-dollar-plus IPO launch this calendar year.