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FinanceGIC Among Sovereign Funds Backing India's Largest Asset Manager in $1.2 Billion IPO
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Singapore sovereign wealth fund GIC is among top sovereign funds backing the $1.2 billion initial public offering of India's largest asset manager, a joint venture between State Bank of India (SBI) and French asset manager Amundi. The listing will see SBI and Amundi sell a combined 10% stake in the joint venture. The IPO, expected to open next week, is set to kick off a busy pipeline of public offerings in India. The article, published by The Business Times on July 7, 2026, cites sources familiar with the matter.
Source report
Singapore's sovereign wealth fund GIC is among leading institutional investors backing the initial public offering (IPO) of India's largest asset manager, which is expected to raise US$1.2 billion, according to sources.
The listing will see SBI and Amundi selling a collective 10% of their shares in the joint venture.
Key Details
- IPO Size: US$1.2 billion
- Timeline: Expected to open next week
- Sellers: SBI and Amundi (selling 10% of their joint venture shares)
- Notable Backers: GIC among top sovereign funds participating
The IPO is set to kick off a busy pipeline of public offerings for India in the coming months.
Source
The Business TimesRegional
Part of this Story
India's Largest Asset Manager SBI Funds Management Launches $1.2 Billion IPO