Mega IPO Wave: SBI Funds and Manipal Hospitals ready DRHP filings

Mumbai: SBI Funds Management and Manipal Hospitals are preparing to file their draft red herring prospectuses (DRHPs) for initial public offerings worth over $1 billion by the end of March, according to people familiar with the development.

SBI Funds' issue size is likely to be in the range of ₹12,000-13,000 crore. The proposed IPO will be an offer for sale (OFS), with existing shareholders looking to pare their stakes. The asset manager, the country's largest with assets of over ₹12.5 lakh crore, is a joint venture between State Bank of India, which holds a 63% stake, and Europe's Amundi, which owns the remaining nearly 37%. The IPO could value SBI Mutual Fund between ₹1.3 lakh crore and ₹1.5 lakh crore.

Bank of America, HSBC and Kotak Mahindra Capital are among the eight investment bankers for the issue.


Temasek-backed Manipal Hospitals' IPO is estimated at ₹9,000-11,000 crore. The company that runs the country's second-largest hospital chain is expected to file its DRHP as early as this month.

The issue is likely to comprise a mix of fresh equity issuance and an OFS component, allowing existing investors to partially exit while also raising growth capital for the business. Kotak Mahindra, Goldman Sachs, Axis Capital, JP Morgan and Jefferies.