SBI currently holds 63% of SBI Funds while the remainder is owned by Amundi through its wholly-owned subsidiary, Amundi India. Credit: State Bank of India / Wikimedia Commons.

State Bank of India (SBI) and French asset manager Amundi are reportedly eyeing a $1bn initial public offering (IPO) for their mutual fund joint venture (JV).

The two entities plan to offload a combined 10% stake in SBI Funds Management as part of the listing.

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While Indian lender received board approval to sell a 6% stake in the JV while Amundi plans to divest 4% holdings.

SBI currently holds 63% of SBI Funds while the remainder is owned by Amundi through its wholly-owned subsidiary, Amundi India.

Amundi purchased its holdings in the JV from Societe Generale Asset Management in June 2011.

The firms seek to raise about $1bn in the IPO, Bloomberg reported earlier this week citing unnamed people with knowledge of the matter.

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The listing, which was delayed due to the pandemic outbreak in March, is now expected to take place in the next financial year beginning April, according to sources.

The sources added that SBI would finalise the timing and valuation of the IPO after appointing underwriters.

SBI Funds is said to be the asset manager in India with $79bn (INR 6trn) of assets as of the end of this September.

Recent developments in India

This month, India’s capital market regulator laid out a new procedure for managing co-investment services through portfolio management route.

The move followed Securities and Exchange Board of India’s amendments in connection to regulations for portfolio managers to facilitate co-investment by investors of Alternative Investment Funds through the portfolio management route.

In September, Abrdn sold a 5% stake in HDFC Asset Management Company through its wholly-owned subsidiary Standard Life Investments.

The same month, a report by Livemint said that India’s markets regulator was planning to allow private equity funds to own local asset management companies.