SynopsisSBI Funds Management has raised Rs 1,655 crore through a pre-IPO placement by selling a 1.42% stake to 30 marquee investors, including Prashant Jain-led 3P India Equity Fund I. The strong institutional participation comes ahead of the AMC's Rs 11,692.91-crore IPO, which opens for subscription on July 14.Listen to this article in summarized formatETMarkets.comIndia's largest asset management company is heading to the stock market with strong institutional backing. SBI Funds Management, the asset management arm of State Bank of India (SBI), has raised Rs 1,655 crore through a pre-IPO placement, selling 2.88 crore equity shares to 30 marquee investors ahead of its much-anticipated Rs 11,692.91-crore initial public offering (IPO).PI Opportunities Fund-II, Akash Manek Bhanshali, and 3P India Equity Fund I, led by veteran investor Prashant Jain, emerged as the top investors in the pre-IPO share sale.According to SBI's exchange filing, the bank signed share purchase agreements on July 9 to sell 2,88,32,748 equity shares, representing 1.42% of SBI Funds Management's pre-IPO equity capital, at Rs 574 per share—the upper end of the IPO price band. The pre-IPO transaction is expected to be completed by July 10.Biggest Buyers in the Pre-IPO SaleAmong the 30 investors, PI Opportunities Fund-II emerged as the largest buyer, acquiring 34,84,320 shares for approximately Rs 200 crore. Akash Manek Bhanshali was the second-largest investor, 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 participating in the pre-IPO placement included Malabar India Fund Ltd., Tata AIG General Insurance Company, Go Digit General Insurance, Anand Rathi Global Finance, Clarus Capital I, and several other institutional investors.SBI Funds Management's Rs 11,693-crore IPO will open for subscription on July 14 and close after a three-day bidding window. The company has fixed a price band of Rs 545-Rs 574 per share, with the issue consisting entirely of an Offer for Sale (OFS) of 20.37 crore equity shares.The shares are expected to debut on the stock exchanges on July 21.For retail investors, the minimum application size is 26 shares, translating to an investment of Rs 14,924 at the upper price band.About SBI Funds ManagementFounded in 1992, SBI Funds Management is India's largest asset management company (AMC) by assets under management (AUM). The company manages the widely known SBI Mutual Fund, a joint venture between State Bank of India and Amundi.The AMC offers a comprehensive range of investment products, including equity funds, debt funds, hybrid funds, exchange-traded funds (ETFs), and portfolio management services (PMS).As of 2025, SBI Funds Management oversees approximately Rs 16.32 lakh crore in assets, accounting for around 15.5% of India's mutual fund industry AUM. As of December 31, 2025, the company served more than 16.05 million individual and institutional investors, underscoring its dominant position in India's fast-growing mutual fund industry.With a successful pre-IPO placement attracting a broad mix of institutional investors, SBI Funds Management enters its public issue with strong demand, making its upcoming IPO one of the most closely watched offerings in the Indian capital markets this year.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)Read More News on(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price...moreless(You can now subscribe to our ETMarkets WhatsApp channel)Read More News on(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price...moreless