SBI Funds Management is preparing to launch an initial public offering in the week starting July 13, with the offering potentially raising up to $1.2 billion, according to people familiar with the matter. The sale is framed as a demand test for India’s IPO market ahead of a period expected to include several large, billion-dollar listings. Separately, NDTV reports that SBI Funds plans to seek a valuation of between ₹1.15 trillion ($12.1 billion) and ₹1.20 trillion ($12.1 billion to $12.1 billion range reported), which is below an earlier target. The revised valuation range implies the company has moderated expectations compared with previous plans of seeking a valuation in the neighborhood of $14 billion to $15 billion. While details such as the final pricing and share allocation are not specified in the available reports, both outlets characterize the move as an upcoming major public-market event for India’s largest asset manager and a near-term benchmark for investor appetite.