SBI Funds to start marketing for its $1.5-bn IPO next week: Report

SBI Funds Management is set to begin formal marketing for its planned IPO next week to raise $1.5 billion, seeking a valuation of $13-15 billion, ET reported, citing sources. The company has appointed nine banks, including Kotak Mahindra Capital, Axis Bank and HSBC Holdings, to manage the offering. It is also considering a pre-IPO share sale worth $350 million.