₹12.5 lakh crore — that's the asset pile SBI Funds Management oversees as India's largest mutual fund house, commanding a 15.3% market share before its market debut. The IPO is not about raising cash; it's a pure offer-for-sale that lets parent SBI and Amundi partially exit while giving public investors a slice of the fee-based asset-management business.

Money Moves

• IPO opens today at a price band of ₹545–574, with the issue size trimmed **16% to...