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  5. New IPOs Alert: SBI Mutual Fund, PGP Glass, AGS, 2 others get SEBI's approval to launch public issues

Market News

New IPOs Alert: SBI Mutual Fund, PGP Glass, AGS, 2 others get SEBI's approval to launch public issues

Journalist Kamal Joshi, former Republic TV and latestly news editor, currently associated with Upstox as senior ipo writer.
By Kamal Joshi

2 min read | Updated on June 22, 2026, 08:18 IST

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SUMMARY

The proposed SBI Mutual Fund IPO is solely an offer for sale (OFS) of up to 20.37 crore shares by State Bank of India (SBI) and Amundi India Holding.

SRIT India's IPO is a fresh issue of 1.68 crore shares, according to the DRHP. | Image: Shutterstock

SRIT India's IPO is a fresh issue of 1.68 crore shares, according to the DRHP. | Image: Shutterstock

India's largest fund house SBI Mutual Fund, Blackstone-backed AGS Health and bottle manufacturer PGP Glass have secured market regulator Securities and Exchange Board of India's (SEBI's) approval to raise funds via initial public offerings (IPOs).

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Stockbroking firm Shreni Shares and IT and software solutions company SRIT India have also received SEBI's clearance to launch issues.

SBI Mutual Fund IPO

SBI Mutual Fund has received the regulator's nod to float IPO estimated to be worth ₹13,000 crore, PTI reported, citing people familiar with the matter.

According to the draft red herring prospectus (DRHP), the proposed issue is solely an offer for sale (OFS) of up to 20.37 crore shares by State Bank of India (SBI) and Amundi India Holding.

The IPO is likely to list next month.

SBI Funds Management Ltd's listed peers include HDFC AMC, ICICI Prudential AMC, Aditya Birla Sun Life AMC, Shriram AMC, UTI AMC and Nippon Life India Asset Management.

Upcoming IPOs this week: Advit Jewels, Waterways Leisure Tourism, CSM Tech, 5 other issues to open, 6 listings scheduled

AGS Health and PGP Glass IPOs

The two companies had filed their IPO papers confidentially. AGS Health and PGP Glass are likely to raise ₹4,500 crore and ₹4,100 crore, respectively, through their initial share sales.

According to SEBI's update, the regulator received confidential DRHPs from these companies between February and March and issued its observations during June 16-19.

In SEBI's terminology, obtaining an observation means approval to go ahead with the public issue.

Shreni Shares IPO

The proposed public issue of Shreni Shares consists of a fresh issue of up to 69 lakh equity shares and an OFS of up to 82 lakh shares by existing shareholders, as per the DRHP.

The company will use the net issue proceeds for working capital requirements, to repay or prepay certain borrowings, and for general corporate purposes.

SRIT India IPO

SRIT India's IPO is a fresh issue of 1.68 crore shares, according to the draft papers.

The funds generated will be utilised for modernising existing products and redevelopment, funding its working capital needs, achieving inorganic growth via unidentified acquisitions and general corporate purposes.

About The Author

Journalist Kamal Joshi, former Republic TV and latestly news editor, currently associated with Upstox as senior ipo writer.
Kamal Joshi is a business journalist who covers markets and IPOs. He places a special focus on in-depth analysis of DRHPs, RHPs and public-issue documents to produce data-driven stories. He covers trends across mainboard and SME IPOs, anchor allocations, subscription status and post-listing performance. He is passionate about breaking news and enjoys playing pickleball, especially flexing his net play. He was previously associated with Republic TV and LatestLY.

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