India's largest asset manager, SBI Funds Management, sold shares worth 26.63 billion rupees ($278.50 million) to anchor investors including the sovereign wealth funds of Singapore and Abu Dhabi, as part of its $1.2 billion IPO.
SBI Funds has allocated 46.4 million shares to anchor investors at 574 rupees, the upper end of the IPO price band, it said in a filing late Monday.
The asset manager is seeking a valuation of up to 1.17 trillion rupees through its IPO, in what is set to be one of India's largest public offerings this year.
The Government of Singapore was allocated 2.7 million shares, or 5.72% of the IPO anchor book, while the Monetary Authority of Singapore took 1.04%. Abu Dhabi Investment Authority (ADIA), Norway's sovereign wealth fund and BlackRock funds each bought 1.6 million shares.
India's largest insurer, LIC, and Canada's Capital Group Global Equity Fund bought 3.1 million shares, or 6.76%, each.
Domestic mutual funds, including those of HDFC, ICICI and Axis, were allocated 37.2% of the anchor book, worth about 9.91 billion rupees.
SBI Funds is a joint venture between the country's largest lender State Bank of India and Europe's largest asset manager Amundi. SBI and Amundi are offloading a total of 203.7 million shares in the offering, while SBI Funds is not selling new shares.
The share sale to other investors will run from July 14-16 with a price band of 545 to 574 rupees per share. The stock is expected to list on Indian stock exchanges on July 21.
SBI separately said last week it will sell a 1.42% stake in SBI Funds to 30 investors for 16.55 billion rupees in a pre-IPO placement.
