SBI Funds Management IPO: India’s largest fund house, SBI Funds Management, has filed preliminary papers with market regulator Securities and Exchange Board of India (SEBI) to raise funds via an initial public offering (IPO), an update showed on Thursday.
The proposed issue will be exclusively an offer for sale of 20.37 crore equity shares by promoters State Bank of India (SBI) and Amundi India Holding, according to the draft red herring prospectus (DRHP).
Since there is no fresh issue component, the company will not get any proceeds from the initial share sale.
“Our company expects that listing of the equity shares will enhance our visibility and brand image as well as provide a public market for the equity shares in India,” it said.
SBI Funds Management is a joint venture (JV) between SBI and Amundi, holding 61.98% and a 36.40% stake, respectively.
Earlier, Challa Sreenivasulu Setty, who is chairman of SBI as well as SBI Funds Management, had hinted that the fund house would file its draft papers by March and would look for a September listing.
About SBI Funds Management
The firm is the country’s largest asset management company (AMC), with a quarterly average mutual fund assets under management (QAAUM) of nearly ₹12.5 lakh crore as of December 2025. It held a 15.4% share in the mutual fund market.
Established in 1987, SBI Mutual Fund, sponsored by SBI, was the first domestic non-UTI mutual fund.
It is also the country’s largest passive (exchange-traded fund, or ETF, and index funds) asset manager with passive (ETF and index funds) QAAUM of ₹3.99 lakh crore, reflecting a market share of 29.6% as of December 2025.
It serves a large unique investor base of 16.05 million in its mutual fund business, consisting of individuals and institutional customers. It manages a diversified portfolio of 126 mutual fund schemes across equity and equity-orientated, arbitrage, debt, ETFs, index and overseas fund-of-funds, and liquid and overnight schemes.
Its listed peers include ICICI Prudential AMC, UTI AMC, Aditya Birla Sun Life AMC, HDFC AMC, Nippon Life India Asset Management and Shriram AMC.
Kotak Mahindra Capital, BofA Securities India, Axis Capital, ICICI Securities, Jefferies India, JM Financial, HSBC Securities and Capital Markets (India), SBI Capital Markets and Motilal Oswal Investment Advisors are the issue’s book-running lead managers. KFin Technologies serves as the registrar.