PI Opportunities Fund-II, Akash Manek Bhanshali, and 3P India Equity Fund I, led by Prashant Jain, have emerged as the leading investors in SBI Funds Management's pre-IPO share sale, acquiring a significant stake worth Rs 1,655 crore.
Among the 30 investors, PI Opportunities Fund-II was the largest buyer, acquiring 34,84,320 shares for approximately Rs 200 crore. Akash Manek Bhanshali matched this investment, purchasing the same number of shares for nearly Rs 200 crore. The third-largest investment came from 3P India Equity Fund I, led by veteran investor Prashant Jain, which acquired 26,13,240 shares worth around Rs 150 crore.
Other notable investors in the pre-IPO placement included Malabar India Fund Ltd., Tata AIG General Insurance Company, Go Digit General Insurance, Anand Rathi Global Finance, and Clarus Capital I. The pre-IPO transaction is expected to be completed by July 10.
SBI Funds Management's Rs 11,693-crore IPO is set to open for subscription on July 14, with a three-day bidding window. The company has set a price band of Rs 545-Rs 574 per share, and the issue consists entirely of an Offer for Sale (OFS) of 20.37 crore equity shares.
Founded in 1992, SBI Funds Management is India's largest asset management company by assets under management (AUM), managing the widely known SBI Mutual Fund. As of 2025, it oversees approximately Rs 16.32 lakh crore in assets, accounting for around 15.5% of India's mutual fund industry AUM.
Background
With strong demand from a diverse mix of institutional investors, SBI Funds Management's upcoming IPO is poised to be one of the most closely watched offerings in the Indian capital markets this year.
The successful pre-IPO placement indicates robust interest in SBI Funds Management, and market participants will be keenly watching the IPO's performance when it opens on July 14.
