SBI share price surges 3.4% as SBI Mutual Fund files IPO papers with SEBI; here is what we know so far

As of December 31, 2025, the assets under management (AUM) of the fund house reached approximately ₹12.63 lakh crore, making it a market leader in the Indian mutual fund industry.

About the IPO

The proposed maiden public offering is entirely an offer for sale (OFS) of up to 20.37 crore equity shares, with no fresh issue component, according to the draft red herring prospectus (DRHP).

The offering will see promoters, the State Bank of India (SBI), and Amundi India Holdings pare their stakes.

Upon listing, SBI Funds Management Ltd (SBIFML) will join other listed asset management companies, such as ICICI Prudential AMC, HDFC AMC, UTI AMC, Aditya Birla Sun Life AMC, Shriram AMC, and Nippon Life India Asset Management.

Earlier, SBI Chairman CS Setty had indicated that the fund house would file its DRHP by March and target a listing by September. Setty is also the chairman of SBIFML.

The SBI chairman had also noted that the boards of SBI, Amundi, and SBI Funds Management Ltd (SBIFML) had approved a 12-month timeline for the listing process.

SBI Funds Management: Key details

SBI Funds Management Ltd is a joint venture between SBI and Paris-based Amundi, holding 61.98% and a 36.40% stake, respectively.

SBI Mutual Fund, sponsored by SBI and established in 1987, was the first non-UTI mutual fund in India.

A consortium of merchant bankers has been appointed to manage the issue, including Kotak Mahindra Capital, Axis Capital, BofA Securities India, HSBC Securities and Capital Markets (India), ICICI Securities, Jefferies India, JM Financial, Motilal Oswal Investment Advisors, and SBI Capital Markets.

Other details

In February 2026, the Reserve Bank of India (RBI) approved a proposal by SBI Mutual Fund to acquire an aggregate holding of up to 9.99% in Bandhan Bank.

Bandhan Bank informed stock exchanges that the RBI, through a letter dated February 25, 2026, accorded its approval to the fund house to acquire up to 9.99% of the paid-up share capital or voting rights in the lender.

The approval is subject to compliance with the provisions of the Banking Regulation Act, 1949, the Reserve Bank of India (Commercial Banks 'Â? Acquisition and Holding of Shares or Voting Rights) Directions, 2025 dated November 28, 2025, as amended from time to time, the Foreign Exchange Management Act, 1999, and regulations issued by the Securities and Exchange Board of India, among other applicable statutes and guidelines, the bank said.