SBI Funds Management leads Rs 11,980 crore Indian IPO week
India's primary market will test investor appetite next week with a Rs 11,980 crore slate of listings headlined by the country's largest asset manager in a purely secondary offering.
Three Indian companies are set to raise a combined Rs 11,980 crore next week, headlined by the public debut of SBI Funds Management. The asset manager's offering, opening July 14, accounts for the vast majority of the capital being mobilised through the sale of existing shares.
SBI Funds Management has fixed a price band of Rs 545 to Rs 574 per share, with a minimum lot size of 26 shares. At the upper price threshold, retail investors will need to commit Rs 14,924 for a single lot. The shares are scheduled to list on the BSE and NSE on July 21.
The issue is entirely an offer for sale of 20.37 crore shares, meaning the company itself will not receive any proceeds. The sale provides an exit route for its joint venture parents, State Bank of India and Amundi.
Established in 1992, the firm is India's largest asset manager by mutual fund assets. It manages SBI Mutual Fund, offering equity, debt, hybrid funds, ETFs and portfolio management services.
Unlisted market activity suggests strong retail interest, with the stock commanding a grey market premium of 20% over the issue price. Kotak Mahindra Capital is managing the book, while Kfin Technologies is serving as registrar.
Smaller issuances drive fresh capital
Unlike the SBI offering, Alpine Texworld is raising primary capital to fund expansion and reduce leverage. The textile processor is raising Rs 126.25 crore through a fresh issue of 1.20 crore shares, also listing on July 21.
The company plans to use Rs 32.08 crore to build a new weaving unit at a third manufacturing facility in Ahmedabad. Another Rs 52.20 crore will be allocated to repay borrowings, with the remainder going to general corporate purposes.
The capital raise follows a period of rapid earnings growth. Profit after tax jumped 152% to Rs 21.72 crore in FY26, up from Rs 8.63 crore the prior year.
Revenue grew 47% to Rs 350.18 crore, while EBITDA climbed to Rs 47.45 crore from Rs 27 crore. The company operates two manufacturing units with 6,000 MT of annual yarn capacity and 112 high-speed looms.
In the small and medium enterprise segment, Millworks Technologies will open its Rs 160.34 crore issue on the same dates as SBI Funds Management. The company has set a price band of Rs 315 to Rs 331 per share and will list on the BSE SME platform. Demand is exceptionally tight in the grey market, where shares are trading at a premium exceeding 100%.
