BFSI
$12.24B valuation targeted by SBI Funds Management in upcoming IPO
This 'Insights' piece from Lumic delves into the much-anticipated Initial Public Offering (IPO) by SBI Funds Management. The company is targeting a significant valuation of approximately ₹1.17 trillion, with shares expected to be priced around ₹545. This upcoming IPO on the Indian stock exchange, slated for July 21st, involves SBI and Amundi India divesting close to 10% of their stake, amounting to 203.7 million shares. Notably, the fund management entity itself is not issuing new shares. This move reflects strong investor confidence in India's financial services sector and the robust growth potential of the Indian market, particularly within the asset management space. It’s a key development for the Indian capital markets, showcasing the vibrancy of our financial landscape.
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RBI
Bank Credit Surges 20% as Industry and Services Borrowing Accelerates
- Bank credit to industry grew 20% in July, sharply up from 6.5% from the last year
- Services credit jumped 22.9%, led by NBFCs, trade and commercial real estate sectors
- Infrastructure, engineering, metals and chemicals saw strong credit expansion in July
Nifty