State Bank of India GDR

India's National Stock Exchange (NSE) is likely to price its initial public offering (IPO) at 1,700-1,785 rupees per share, lower than the previously planned range of 2,000-2,100 rupees, and may reduce the stake on offer from 6% to about 5.5% of total capital after some shareholders withdrew. If priced at the top of the range, the sale of a 5.5% stake would raise about 243 billion rupees, or $2.6 billion, lower than the record 279 billion rupees raised by Hyundai Motor India in 2024, and would give NSE a valuation of about 4.42 trillion rupees, down from the earlier target of 5.26 trillion rupees. The downsizing reflects concerns that India's primary market may not be able to handle multiple large deals at once, with Jio Platforms also preparing a large IPO. According to Bloomberg data, since the start of 2026, Indian companies have raised nearly $10 billion through IPOs, compared with over $20 billion per year in the previous two years. NSE is expected to announce the IPO price range within this week and open for subscription in the week starting September 14. All shares are an offer for sale (OFS), and SEBI approved the draft prospectus on September 4. Selling shareholders include Morgan Stanley, Temasek, State Bank of India, and others.

Amundi and State Bank of India announced that their joint venture SBI Funds Management Limited filed its Red Herring Prospectus on 8 July 2026 for its proposed initial public offering on the Indian stock exchanges. The IPO will offer up to 10% of SBIFM's outstanding equity shares, with SBI selling up to 6.3% and Amundi up to 3.7%, and no fresh shares will be issued. The price band has been fixed at INR 545 to INR 574 per equity share. The offering is scheduled to open for public subscription on 14 July 2026 and close on 16 July 2026, with anchor investor bidding on 13 July 2026 and a tentative listing date of 21 July 2026 on the BSE and the National Stock Exchange of India.