(Bloomberg) — State Bank of India will explore an initial public offering for its mutual fund joint venture, extending a record year for listings in the South Asian nation.
The country’s largest lender plans to sell a 6% stake in SBI Funds Management Pvt., it said in a statement Wednesday. State Bank owns 63% of the fund manager and Amundi Asset Management holds the rest.
The IPO could seek to raise about $1 billion, Bloomberg News had reported in February.
SBI’s mutual fund has more than 6 trillion rupees ($79 billion) of assets under management, according to SBI’s website, controlling nearly 16% of market share. The firm earned a profit of 5.03 billion rupees ($66.3 million), the highest among SBI’s unlisted subsidiaries.
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