Asset management company SBI Funds Management is targeting an IPO valuation of $12.3 billion (₹1.17 lakh crore), Moneycontrol reported, citing industry sources. The firm, which is a joint venture between SBI and Europe-based Amundi, is aiming to list for IPO later this month. The IPO will be a pure offer-for-sale of 20.37 crore shares amounting to a 10% stake.