SBI Funds Management's IPO is a pure Offer for Sale - the company itself receives none of the money. Behind that structure, the 568-page Red Herring Prospectus carries an unprovided tax demand, a SEBI administrative warning, a subsidiary that breached investment limits, and a promoter fine larger than any of them.
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Start with the structure, because it reframes everything else. This is a pure Offer for Sale of up to 203,709,239 equity shares of ₹1 face value. State Bank of India is selling up to 128,334,397 shares. Amundi India Holding is selling up to 75,374,842.
The Red Herring Prospectus states it plainly on page 118: "Our Company will not receive the Offer Proceeds and all the Offer Proceeds will be received by the Promoter Selling Shareholders."
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See membership →Amit Tyagi
Founder, AletheiaAI & GP, Fitoor Capital
Veteran of India's startup ecosystem. Writing about fundraising, investor psychology, and what it takes to build fundable startups in India.
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