SBI Funds Management, one of India's largest asset management companies (AMCs), will launch its initial public offering (IPO) on July 14, with an issue size of up to Rs 11,692 crore. The IPO will open for subscription on July 14 and close on July 16, with the price band set at Rs 545-574 per share. Anchor investors (large institutional buyers like mutual funds, banks, pension funds) will be able to place their bids a day earlier, on July 13. Here are the key details about the IPO.

What is the purpose of the IPO?

An IPO marks the first time a privately held company is listed on a stock exchange and becomes publicly traded by offering its shares to investors. The SBI Funds Management IPO is entirely an offer-for-sale (OFS), which means the sale proceeds will go to the shareholders selling their stake rather than to the company. Typically, promoters sell their stake through an OFS to meet regulatory shareholding requirements.