New Delhi
State Bank of India (SBI) expects to list its asset management subsidiary, SBI Funds Management Ltd (SBIFML), in 2027, according to SBI Chairman C.S. Setty. The company has already submitted draft IPO papers to market regulator SEBI. The proposed issue will be entirely an offer-for-sale, with existing shareholders planning to sell up to 20.37 crore shares, representing around 10 percent of the company. The IPO could raise nearly Rs 13,000 crore, making it one of the largest asset management listings in India. SBI and partner Amundi Asset Management will dilute stakes. Setty also expressed confidence in India’s long-term growth despite global economic uncertainties.