SBI Funds Management, the largest asset manager in India, is preparing to launch marketing for its initial public offering (IPO) next week, with plans to raise up to $1.5 billion. The company is targeting a valuation between $13 billion and $15 billion, which is lower than the $17.6 billion market value of its competitor, ICICI Prudential Asset Management Co, following its successful $1.2 billion listing in December. SBI Funds intends to allocate approximately three-quarters of the IPO shares to domestic investors and is also exploring a pre-IPO share placement that could raise an additional $350 million. Discussions with bankers are ongoing, and the details of the offering may evolve. SBI Funds has enlisted nine banks, including Kotak Mahindra Capital Co, Axis Bank Ltd, SBI Capital Markets Ltd, JM Financial Ltd, and HSBC Holdings Plc, to oversee the IPO process.