Adia is set to anchor SBI Funds Management USD 1.2 bn listing

Abu Dhabi Investment Authority (Adia) is set to anchor the USD 1.2 bn IPO of India’s largest asset manager, SBI Funds Management, Reuters reports, citing unnamed sources. Singapore’s GIC is also expected to join the anchor book.

The details so far: SBI Funds, a joint venture between State Bank of India and France’s Amundi, manages INR 12.5 tn (USD 131.1 bn) in assets and is targeting a valuation of around USD 12.3 bn. The IPO will see the two shareholders collectively sell a 10% stake and is expected to open next week.

Demand outpaces supply: The issue has attracted commitments worth nearly five times the institutional allocation, led by domestic investors alongside sovereign wealth funds from the Gulf and Singapore, the newswire added. Despite the strong institutional interest, the company plans to reserve half the offering for retail investors.

Adia recently backed Kotak Alternate Asset Managers’ USD 1 bn India real estate fund with a commitment of more than USD 675 mn. It also backed Rajasthan-based KRN Heat Exchangers’ USD 36.8 mn QIP and participated in Acme Solar’s USD 328 mn equity raise.

IN CONTEXT- India’s primary listings witnessed a downturn in early 2026 on the back of macroeconomic volatility and regional oil price surges, forcing foreign allocators to sell USD 29 bn worth of Indian equities. The listing will be followed by major offerings from Mubadala-backed Manipal Health, the National Stock Exchange, and Adia, PIF, and QIA-backed Reliance Jio Platforms in the upcoming quarters.

ADVISORS- Bookrunning lead managers include Kotak Mahindra Capital, Axis Bank, SBI Capital Markets, Motilal Oswal, ICICI Securities, JM Financial and Indian units of Citigroup, HSBC, and Bank of America. KFin Technologies is the registrar to the offer.