The nine investment banks that manage SBI Funds Management Ltd.‘s initial public offering, India‘s first billion-dollar debut this year, will receive one of the worst payouts on a large debut in the country.The managers will split fees of 46.25 million rupees ($479,000), or 0.05% of the deal value, according to a company filing. That’s about 97.5% lower than those on the similar-sized 2025 offering of rival ICICI Prudential Asset Management Co., which paid investment banks 1.88 billion rupees ($19.5 million), or 1.8% of the offer size, according to its prospectus.SBI Funds, India’s largest asset manager, is jointly owned by State…