SBI Mutual Fund

SBI Funds Management, which is one of the largest asset management companies operating SBI Mutual Fund, has received SEBI nod for its initial public offer. SBI Funds Management is one of the most-awaited IPOs of 2026. The IPO price band is expected to be announced in July 2026. The upcoming IPO would be entirely an offer for sale of up to 20.37 crore equity shares.

As per the DRHP, State Bank of India will divest up to 12.83 crore shares of face value of ₹1 each, and Amundi India Holdings Ltd will sell its stake up to 7.53 crore equity shares of face value of ₹1 each. SBI and Amundi India Holdings Ltd hold 61.76% and 36.26% stake respectively, in SBI Funds Management Limited.

As the offer doesn’t include any fresh issue, the company will not receive any proceeds from the IPO. Kotak Mahindra Capital Company Limited, Axis Capital Limited, BofA Securities India Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, Jefferies India Private Limited, JM Financial Limited, Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited are book-running lead managers and Kfin Technologies Limited is the registrar of the issue.

SBI Funds Management was incorporated in 1992 and received approval from SEBI to act as the asset manager of SBI Mutual Fund in 1993. In 2004, the company became a joint venture after Société Générale Asset Management S.A. acquired a 37% stake. Later, in 2011, after the merger of Crédit Agricole's and Société Générale's asset management businesses, Amundi India Holding, a wholly owned subsidiary of Amundi Asset Management, acquired this stake and continued as SBI's joint venture partner.

SBI Mutual Fund started operations in June 1987 as the first mutual fund outside the Unit Trust of India, making it India's oldest AMC. The company is the investment manager of SBI Mutual Fund and is the largest asset management company (AMC) in India based on quarterly average assets under management (QAAUM). As of December 31, 2025, the company managed mutual fund QAAUM of ₹12,49,970 crore, giving it a 15.4% market share. It has remained the largest AMC in the country since March 2021. The company's total QAAUM stood at ₹29,04,026 crore as of December 31, 2025, including its Portfolio Management Services (PMS) and other advisory mandates (together called "Alternates").

It is also the largest active player in India's passive investment segment, like ETFs, index funds, having ₹3,99,953 crore of passive QAAUM and a market share of 29.6% as of December 31, 2025. The company has maintained its leadership position in the passive space since March 2021. Total QAAUM increased at a CAGR of 18.42% between FY23 and FY25, while Mutual Funds QAAUM increased at a CAGR of 22.32% during the same period.

The company has built one of the largest customer bases in India. As of December 31, 2025, the company serviced 1.61 crore unique customers across its Mutual Fund Business and managed 126 mutual fund schemes in categories such as equity, debt, arbitrage, ETFs, index funds, overseas fund-of-funds and liquid and overnight funds. In addition to the Mutual Funds business, it also offers PMS, Advisory Mandates, AIF and SIF. Of the total investors in its mutual funds business, 1.60 crore are individuals. Assets under management for Retail and HNI are ₹6,06,139 crore, which constitute 48.05% of its total Mutual Fund MAAUM. The company has extensive reach beyond metros, and its B-30 MAAUM of ₹2,92,191 crore was 23.16% of its total MF MAAUM.