 "Top asset manager taps Citigroup, HSBC Holdings for nearly $1.4 billion IPO")
SBI Funds Management has hired nine banks to advise on a proposed initial public offering that may raise around $1.4 billion in the first half of 2026, according to people familiar with the matter.
The largest asset manager has selected Kotak Mahindra Capital, Axis Bank, SBI Capital Markets, Motilal Oswal Investment Advisors, ICICI Securities, JM Financial and local units of Citigroup, HSBC Holdings Plc and Bank of America to work on the share sale, the people said, asking not to be identified because the discussions are private. The appointments are expected to be formalised soon, and the company may be valued at about $14 billion, they said. Deliberations are ongoing and the details of the offering could change, the people said. State Bank of India, Amundi SA, SBI Funds Management and the banks declined to comment.
The planned offering follows a blockbuster debut last month by ICICI Prudential Asset Management, country’s second-largest fund house, which raised $1.2 billion in an initial public offering that was subscribed over 39 times, and for which it hired a record
18 banks. India was among the world’s busiest markets for new listings in 2025, with firms raising around $22.36 billion, surpassing the previous year’s record.