SBI Funds Management cuts IPO size to ₹9,813 cr after share sale

India's largest asset management company, SBI Funds Management (SBIFM), has reduced the size of its IPO to ₹9,812.9 crore. This comes after the firm's promoters, SBI and Amundi, sold about 1.6% of SBIFM's equity shares to 30 major investors for ₹1,880 crore at the highest price band. The company had initially planned to raise ₹11,692.9 crore through the IPO.