IPO-bound SBI Funds Management on Thursday exuded confidence in the largest asset manager’s Rs 11,600-crore maiden public equity offering sailing through despite prevailing market volatilities.

The entity, which declared a price band of Rs 545-574 per share for the initial public offering, is looking to double the international book to USD 5 billion in three years from the present USD 2.5 billion as part of a revenue augmentation plan, a top official told PTI.

Citing the valuation sought by the fund house as seen from the pricing of the issue and conversations with larger investors, the company’s Managing Director and Chief Executive Debasish Mishra said the buzz has been good around the issue and the possibility of making good returns will attract investors.

“The market could be volatile, uncertain but a trust is always certain. So, that trust of the confidence of customers who are in the market (will help the IPO),” Mishra told PTI.

It can be noted that after a very strong FY25 which witnessed record issuances, IPO fundraisings have been lackluster since the beginning of the US-Israel campaign against Iran in late February.

SBI MF’s issue is one of the largest in recent times, and is set to be succeeded by mega issuances from largest stock bourse NSE and telco Jio Platforms.
Asked about the revenues being lower than the second largest fund house, the management explained that this is because of managing EPFO (Employee Provident Fund Office) money, where it makes a thinner revenue, but added that newer revenue streams are being chased along with reducing the share of EPFO money in the overall AUM.Mishra said the overall assets under management (AUM) of the company is over Rs 13 lakh crore, of which over Rs 3 lakh crore is EPFO money. Deputy MD and Joint CEO D P Singh said the fund house used to manage 75 per cent of EPFO’s money earlier, which has come down to 26 per cent.

Regulatory restrictions on forms of business had restricted it from launching a portfolio management scheme for long but now the company has entered after a clarification from the RBI, he said, adding that international business is also very important.

SBI MF has an international book of USD 2.5 billion at present and is aiming to double the same to USD 5 billion in the next three years as part of the strategy, Singh said, adding that it will carry this along with its joint venture partner Amundi, which has good presence globally and also by deploying staff in financial centres like New York, London, Hong Kong, and Singapore.

Apart from this, it is also looking at the alternates business very seriously, and may also be open for growing in the line through an acquisition, Singh said.

Mishra chipped-in that the focus of the company generally is to grow organically but it will not hesitate if an opportunity comes. He made it clear that at present, there is no proposal on acquisition.

Singh said more than a fifth of the overall sales for the company come from parent SBI, and stressed that there are no concerns on misspelling as the largest lender in the country sells the safer hybrid schemes the most.

As for the IPO issue, the management exuded confidence that in the next 3-4 days, it will come out with multiple large names who will be investing in the company through the IPO.

Groww has said direct mutual funds will remain central to its platform and will continue to be free for do-it-yourself investors, responding to confusion around its mutual fund offering after Zerodha founder Nithin Kamath’s recent post on direct plans.

The company said direct mutual funds are “the heart of Groww” and that its existing mutual fund investors will see no change in plans, pricing or experience. Groww said more than 1 crore investors have built over Rs 1.9 lakh crore of mutual fund investments on its platform, making it the largest mutual fund platform in the country.

“For every DIY investor, Groww stays exactly what it has always been: direct, zero-commission, and free. Forever,” the company said. It added that it will continue to launch new features for direct mutual fund investors.

Also Read: Zerodha will keep direct mutual fund plans for free, says Nithin Kamath

The response came after Kamath said Zerodha would continue to offer direct mutual funds for free through Coin. He had said that when Zerodha started the discount broking model in India in 2010, it decided to charge the same fee regardless of trade size because the effort to execute a trade was the same. He said the same logic was applied to mutual funds, and Zerodha did not launch mutual funds until it could offer only direct plans.

Kamath had also said that most direct mutual fund platforms that started around the time Zerodha launched Coin had either disappeared, changed direction or were rethinking their choice of offering direct plans. He added that Zerodha would continue to offer direct mutual funds for free.
Groww, without naming Zerodha or Kamath, said there had been “confusion” and “misinformation” about its mutual fund offering. It clarified that MF Prime is not a shift away from direct mutual funds, but an additional product for a different set of investors.”MF Prime is not a shift. It is an addition — a fully opt-in product for a different cohort: investors who want research-backed guidance on what to buy, hold, exit, and rebalance,” Groww said.

The company said many investors wanted to invest through Groww but held back because they needed help. MF Prime is meant for such users, it said.

“If you are a DIY customer on Groww today, nothing changes for you. Not the plans, not the pricing, not the experience,” Groww said. “Any commentary claiming Groww has changed its approach to mutual fund investing is simply incorrect.”

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of DUOL either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

He said that productivity, which measures how efficiently people work, has slowed down in the UK.

It is also a particular problem in Wales where it is the lowest of the four home nations and around 15 percent lower than the UK average, external.

People in Wales also earn lower wages than the UK average, and the country has some of the highest rates of welfare claims.

Pill said improving the efficiency of the Welsh economy is the key to raising living standards.

Things like better infrastructure “to link places together” and creating “a better educated workforce” are recognised drivers of productivity.

But he acknowledged that it is “a very difficult thing to deliver” in an uncertain world, where “public finances are constrained” and politicians face “hard decisions”.

Before joining the Bank of England, Pill previously worked at the European Central Bank from its inception through to the Eurozone crisis, when the survival of the single currency was in jeopardy.

He said the ability of a central bank to set interest rates and print money were powerful tools, but they were also blunt tools.

“It doesn’t allow you to solve all problems,” he said.

Pill said countries like Greece, Spain Portugal and Ireland had to go through “a lot of pain”, with politicians making “difficult decisions” about changing their economies.

But “they have come out the other side in stronger shape,” he argued.

Japanese companies are lining up more than £18 billion of investment in British wind farms, infrastructure and financial services. But HMRC’s treatment of visa paperwork and Japanese health insurance risks souring the relationship before the money lands, a leading tax firm has cautioned.

Blick Rothenberg, the audit, tax and business advisory firm, says the Government and HMRC should take further steps to attract and retain Japanese businesses rather than adding to the cost of employing their staff here.

Aliona Le Khak, who has joined the firm as a Director leading Global Mobility services for Japanese clients, said: “To remain competitive on the global stage, the UK needs to ensure that its tax and regulatory frameworks support, rather than deter, inward Japanese investment. Especially in light of the announcement that Japanese firms will invest up to £9bn in UK offshore wind farms and more than £9bn in UK infrastructure and financial services.”

Her warning follows last month’s Downing Street summit with Japanese prime minister Sanae Takaichi, at which the Government trumpeted agreements expected to deliver more than £18 billion in economic gains and tens of thousands of new jobs.

Chief among the irritants is the Certificate of Sponsorship (CoS), a regulatory requirement placed on employers who hire overseas workers. HMRC has clarified that the cost of obtaining one should be treated as a taxable Benefit in Kind (BIK), even though the obligation falls on the employer, not the employee.

“Given that visa-related costs are already significant, and often subject to tax gross-up, this treatment further increases the financial burden on Japanese employers expanding into the UK,” Le Khak said.

She added: “Visa costs, including CoS are not taxable when assignees come to the UK for the first time, but if an assignee who is already located in the UK applies for a visa for the first time or applies for a visa extension, it is fully taxable. The Government should consider whether HMRC’s position on CoS is reasonable. The definition of BIK is a non-cash benefit provided to an employee by an employer that holds a monetary value – except a CoS provides no direct benefit to the employee and arguably does not hold a monetary value.”

A second row concerns Kenko Hoken, the employer premiums that form part of Japan’s social security system, which HMRC is seeking to tax in the UK despite assignees typically holding private medical cover while here.

“These premiums do not relate to any tangible UK-based benefit,” Le Khak said. “The Government should again consider if HMRC’s position is reasonable and weigh up the short-term benefit of additional tax take verses the long-term benefits of encouraging international expansion and investment.”

The stakes go beyond two technical disputes. “In recent years, Brexit and the increasing tax burden associated with employing expatriate assignees in the UK has contributed to a noticeable decline in the expatriate workforce across the board,” she said, adding that “many multinational companies are now more inclined to redirect investment and operations to alternative locations, including nearby EU countries that offer more favourable tax regimes for expatriates and lower employment costs.”

It is a familiar refrain. Advisers have previously warned that an expat exit tax could drive foreign investment away from the UK, and an estimated 1,800 non-doms quit the country within months of the April 2025 reforms. Yet the appetite from Tokyo is plainly there: Japanese investors poured almost £118 million into Greater Manchester in a single year.

“This risks undermining the UK’s attractiveness as a destination for international business,” Le Khak said. “Increased costs and uncertainty in tax treatment may prompt companies to reconsider further expansion in the UK.”

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Corporate America’s headquarters map has continued shifting decisively toward the Sun Belt in 2026, with Texas and Florida cities absorbing the bulk of high-profile relocations while traditional coastal business hubs continue losing companies to lower taxes, cheaper real estate and looser regulation. Here is a look at 10 of the cities drawing the most significant corporate headquarters activity this year, based on data from CBRE Americas Consulting and other real estate and economic development trackers.

1. Dallas-Fort Worth

Dallas-Fort Worth has cemented its status as the fastest-growing headquarters market in the country, gaining 100 relocations between 2018 and 2024 alone. According to CBRE’s 2026 update, the metro logged 18 headquarters announcements in 2025, including 11 interstate or international relocations from higher-cost markets such as Chicago, New York City, San Francisco and Los Angeles, along with seven intrastate moves as companies consolidated operations. Public companies based in Dallas-Fort Worth now hold a combined $1.5 trillion in value, a figure that has doubled over the past five years, with Goldman Sachs among the firms expanding its local headcount to as many as 5,000 employees.

2. Austin

Austin has continued its run as one of the country’s premier tech relocation destinations, earning its “Silicon Hills” nickname through a steady stream of tech startups and established firms moving in. CBRE data shows Austin has attracted 66 headquarters relocations since 2018, more than any other Texas city, drawn by wage savings of 15 to 20 percent compared with Silicon Valley, a lower cost of living, and a strong local venture capital ecosystem that Dealroom.co ranks among the nation’s best for early-stage startups.

3. Houston

Houston remains a top destination for energy and industrial companies, anchored by Chevron’s high-profile 2025 headquarters move from San Ramon, California, which made it the metro’s second-largest public company by market value behind only Exxon Mobil. Exxon Mobil itself asked shareholders in March to approve relocating its legal domicile from New Jersey to Texas after 144 years, citing a more favorable legal and business environment, further reinforcing Houston’s pull among major energy firms.

4. Miami

Miami continues to be one of the primary beneficiaries of the broader corporate migration out of the Northeast, drawing companies from New York and Connecticut in recent years, including Blockchain.com and software firm Anaplan. Florida’s tax system ranks fifth overall on the 2026 State Tax Competitiveness Index, and CBRE noted that two international companies chose Miami in 2025 specifically for its industry concentrations, including a cosmetics firm drawn to the region’s medical spa and dermatological aesthetics sector and a travel company attracted by South Florida’s deep pool of leisure and travel talent.

5. Nashville

Nashville has emerged as a rising destination powered by strength across healthcare, music and technology sectors, according to relocation tracking cited by CRE Daily, which named the city among a group of Sun Belt markets, alongside Charlotte and Phoenix, benefiting from business-friendly policies, diverse talent pools and improved quality of life relative to higher-cost coastal cities.

6. Charlotte

Charlotte has continued building on its reputation as a major banking and finance hub while attracting a broader mix of corporate relocations, buoyed by North Carolina’s business-friendly tax environment and the region’s deep talent pipeline. The city’s growth mirrors that of nearby Raleigh, Durham and Chapel Hill, collectively known as the Research Triangle, which has separately gained traction as a destination for technology and life sciences companies drawn to the area’s university-driven talent base.

7. Chicago

Despite Illinois’ comparatively higher tax burden, Chicago was named the top U.S. metro for corporate relocation and site selection by Site Selection Magazine for a record 13th consecutive year in 2026, based on verified corporate facility projects. Mayor Brandon Johnson credited the city’s manufacturing depth, transportation infrastructure and skilled workforce for the continued investment, with World Business Chicago recording 223 qualifying projects in 2025, a 40 percent increase from the prior year, corresponding to an estimated 19,600 new and retained jobs.

8. Atlanta

Atlanta has continued attracting corporate relocations tied to Georgia’s favorable business environment and strategic incentives, highlighted by the U.S. Soccer Federation’s move of its headquarters and national training center from Chicago to metro Atlanta earlier this year. Automated storage and retrieval systems company Hai Robotics also relocated its Americas headquarters from California to Norcross, Georgia, just outside Atlanta, in June, part of a broader pattern of companies choosing the region for its diverse culture and economic growth.

9. Phoenix

Phoenix has gained increasing attention as a lower-cost alternative to California’s coastal markets, benefiting from Arizona’s business-friendly policies and a growing talent pool. The city has been repeatedly cited alongside Charlotte, Miami and Nashville as one of the Sun Belt markets reinforcing relocation momentum in 2025 and 2026, with rising office demand tied to incoming corporate tenants supporting continued expansion of the region’s headquarters footprint.

10. New York City

Despite California’s steeper losses, New York City has posted a more complicated picture, recording 17 total headquarters relocation announcements in 2025, according to CBRE, though only seven represented genuinely new entrants to the market. The remaining 10 were intrastate moves by companies already based in the broader metro area, many of which cited portfolio optimization while reaffirming their long-term commitment to the region, whether by right-sizing space within Manhattan or shifting into New Jersey or north toward White Plains.

Taken together, the 2026 data underscores a broader national trend: headquarters relocation announcements rose to 164 in 2025, up sharply from 96 the year before, according to CBRE’s expanded tracking of 725 public headquarters announcements since 2018. Technology and manufacturing companies remained the most active movers last year, with 39 and 33 relocations respectively, many shifting away from traditional coastal hubs such as Silicon Valley and Seattle toward lower-cost metros. Meanwhile, California continued to post the steepest net losses among U.S. states, having shed at least 275 headquarters since 2018, with the San Francisco Bay Area alone accounting for 156 of those departures amid persistently high taxes, elevated office vacancy rates and stringent regulatory conditions.

With federal tax policy, interest rate trends and continued hybrid-work adjustments all still evolving heading into the back half of 2026, real estate analysts say the broader southward and westward migration of corporate headquarters activity shows few signs of slowing, even as high-density hubs like Chicago and New York continue to demonstrate they remain competitive for companies prioritizing infrastructure, talent depth and logistical connectivity over tax savings alone.