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According to available data, there is a possibility of selling a portion of the football club Liverpool's shares. An investment consortium led by British-Indian entrepreneur and owner of Queens Park Rangers, Amit Bhatia, is being considered as a potential buyer.

Negotiations over stake sale

The American investment company, Fenway Sports Group (FSG), is negotiating the sale of a minority stake in Liverpool FC. This was reported by The Financial Times. According to sources, the consortium led by Amit Bhatia is being considered as the buyer.

Support for the deal

The Mittal family, which owns the world's largest steel company ArcelorMittal, is also supporting the possible deal. If an agreement is reached, the value of Liverpool will exceed 6 billion dollars (5.25 billion euros), potentially making it one of the most expensive clubs in football history.

Current status of negotiations

It has been confirmed that FSG is negotiating with the investment consortium. However, no final agreement has been reached between the parties at this time. It should be noted that last season Liverpool finished fifth in the English Premier League.

SBI Funds Management demonstrated a more modest debut in the stock market on Tuesday, July 21. Despite high demand for the company's Initial Public Offering (IPO) worth ₹9,812.91 crore, the shares were listed with only a 7 percent premium.

Stock Market Debut

The shares of India's largest asset management company (AMC) were listed on the NSE at ₹613.30, representing a premium of ₹39.30 or 6.85 percent above the issue price of ₹574 per share. On the BSE, the shares debuted at ₹610, which is ₹36, or 6.27 percent higher.

This debut was below the expectations of 'grey market' participants. Before listing, the company's unlisted shares were trading around ₹669.50, suggesting a premium of ₹95.50 per share, or 16.64 percent over the issue price, according to sources tracking unofficial market activity.

Emkay Analysts' Recommendations

Brokerage firm Emkay Global began covering SBI Funds Management with a 'Buy' recommendation and set a target price of ₹750 for June 2027, implying a potential growth of about 31 percent from the IPO allotment price. The broker values the company based on a projected Price-to-Earnings (P/E) multiple of 39 for FY28.

Analysts Avinash Singh and Mahek Shah noted in their research that the target multiple aligns with major competitors such as ICICI AMC and NAM. They believe that the SBI brand, extensive distribution network, and low penetration among SBI Bank customers give SBI AMC scope for higher long-term growth, justifying the premium valuation.

Three Key Growth Drivers

According to the broker, the positive outlook is based on three main pillars. Firstly, the SBI brand, vast distribution network, and significant underutilization of SBI mutual funds within the SBI Bank channel—around 5.5 million customers compared to 21 million salary accounts—allow the company to benefit from the long-term growth of Indian mutual funds, especially in the Bharat region, including B-30 level towns and villages. Secondly, the ongoing shift in asset structure towards higher-yielding products like equities and Alternative Investment Funds (AIF/PMS) is expected to support revenue growth. Thirdly, economies of scale are likely to improve operating leverage, with EBITDA projected to grow at a Compound Annual Growth Rate (CAGR) of about 17 percent from FY26 to FY29.

The broker noted that as Indians' needs for savings and investments evolve, the middle class is increasingly using mutual funds as a primary investment tool, and SBI AMC possesses all the necessary elements to become the 'asset manager for every Indian,' similar to how its parent company became the 'bank for every Indian.'

Risks and IPO Details

However, the broker warned of significant risks to the stock, including loss of market share within SBI, persistently low scheme efficiency, prolonged weakness in equity markets, and adverse regulatory changes.

The Initial Public Offering (IPO) worth ₹9,812.91 crore consisted exclusively of an Offer for Sale (OFS), with promoters State Bank of India (SBI) and Amundi India Holding selling a total of 171 million shares. The offering was priced in the range of ₹545–₹574 per share, the lot size was 26 shares, and the subscription period was from July 14 to July 16, 2026.

According to NSE data, the IPO was subscribed 41.66 times overall. The Qualified Institutional Buyer (QIB) portion was subscribed 140.11 times, and the Non-Institutional Investor (NII) category was subscribed 22.51 times. The retail investor segment was subscribed 3.60 times. The basis for allotment was approved on July 17, and the issue price was set at ₹574 per share. Since the offering was entirely an OFS, SBI Funds Management will not receive funds from the IPO; net proceeds after deducting offer-related expenses and applicable taxes will go to the sellers.

97 Communications Ltd, which manages the Paytm brand, maintained its status as a predominantly Indian-owned company for the second consecutive quarter. According to the latest shareholding pattern report filed with Indian stock exchanges, the domestic investor stake rose to approximately 51.6% by the end of June 2026.

Strengthening IOCC Status

This sustained growth, following a figure of 50.3% in the previous quarter, underscores Paytm's status as an Indian-Owned and Controlled Company (IOCC). This status was first achieved by the company in March 2026 and indicates growing confidence among long-term institutional and non-institutional investors from India.

Dynamics of Institutional Ownership

Institutional ownership by Indian investors also reached a historic high of 24.9% in the first financial quarter of 2027, compared to 23.1% in the fourth quarter of 2026. The main driver of this growth was mutual funds, which collectively increased their stakes to 17.9% in the first quarter of 2027 compared to 16.6% in the previous quarter. The number of mutual funds investing in Paytm also grew to 43 in the first quarter of 2027 from 41 previously.

Participation of Insurance Companies and Financial Results

Among the leading domestic mutual funds that increased their stake during the quarter were funds managed by Motilal Oswal Mutual Fund, Bandhan Mutual Fund, Nippon Mutual Fund, Mirae Asset Fund, and Kotak Mutual Fund. Furthermore, the participation of domestic insurance companies continued to grow, and their aggregate stake increased to 5.3% from 5.1% in the last quarter, with SBI Life Insurance being the leader in this segment.

The continuous increase in domestic ownership occurs against a backdrop of significant improvement in the company's operational performance. In the 2026 fiscal year, Paytm recorded a net profit for the full year of ₹552 crore for the first time, while operating revenue grew by 22% year-on-year to ₹8,437 crore. The company also reported an EBITDA of ₹502 crore, representing a year-on-year improvement of ₹2,008 crore, reflecting continuous improvement in operational efficiency.

Assessment by Global Brokers

Global brokerage firms noted the improvement in fundamental metrics. Last month, Goldman Sachs maintained a positive outlook on Paytm, raising revenue forecasts by 2% and EBITDA forecasts by 6%. The brokerage firm attributed this to the continuing growth in market share in the payments sector and the strong development of financial services for this fintech innovator. The broker noted that Paytm's valuation multiple has potential for revision if the company sustains revenue growth above 20%.