SBI Funds Management has filed its RHP for a ₹11,693 crore IPO with a price band of ₹545-574 per share. The public issue opens on July 14 and is expected to list on July 21.
Mumbai : SBI Funds Management Ltd, India's largest asset management company and a subsidiary of State Bank of India (SBI), has filed its red herring prospectus (RHP) for an initial public offering (IPO) worth up to ₹11,693 crore, making it the biggest Dalal Street public issue of 2026 so far. The company announced a price band of ₹545-574 per equity share, significantly below its recent unlisted market price of around ₹830 per share.
The public issue will open for subscription on July 14, while the basis of allotment is expected to be finalized on July 18. Shares of the company are scheduled to be listed on both the National Stock Exchange (NSE) and the BSE on July 21. At the upper end of the price band, SBI Funds Management is expected to command a market capitalization of nearly ₹1.17 trillion.
The IPO is entirely an offer for sale (OFS), with no fresh issue of shares. State Bank of India will offload up to 128.3 million shares, representing a 6.3% stake, while its joint venture partner Amundi India Holding will sell up to 75.6 million shares, equivalent to a 3.7% stake. Together, SBI and Amundi currently own nearly 98% of the asset management company. Before June 2011, Amundi India's stake was held by Société Générale SA.
The IPO will be the first billion-dollar-plus public issue in India this calendar year. Although several large IPOs were filed in June after geopolitical tensions in West Asia eased, renewed concerns over global markets following US President Donald Trump's remarks on the Iran ceasefire have weighed on investor sentiment. Indian benchmark indices Sensex and Nifty fell more than 2% on Wednesday, recording their sharpest single-day decline since late March.
Despite the market volatility, Debasish Mishra, the newly appointed Managing Director and Chief Executive Officer of SBI Funds Management, said the company remained committed to its listing timeline. He stated that investor confidence in the company's long-term fundamentals would remain intact even if market conditions deteriorated further. Mishra, who previously served as Deputy Managing Director at SBI, took charge of the asset management company last week following the retirement of former CEO Nand Kishore.
According to Mishra, the company's long-term strategy will remain unchanged after listing. SBI Funds Management will continue to focus on governance, customer-centricity and sustainable value creation under its existing five-year business plan covering the 2025-30 period.
Established in 1992, SBI Funds Management offers a wide range of investment products, including mutual funds, portfolio management services, offshore funds, alternative investment funds (AIFs) and investment offerings through GIFT City. Executive President Srinivas Jain said the company plans to expand its passive investment products and alternative investment offerings, including Category II and Category III AIFs, while also strengthening its private equity business through strategic hiring, acquisitions and joint ventures.
The company currently serves around 18 million unique mutual fund investors and manages 128 mutual fund schemes. It oversees assets worth more than ₹29 trillion across its businesses, while its mutual fund average assets under management (AAUM) stood at over ₹12.48 trillion as of March 2026, giving it a market share of 15.31%, the highest in the Indian mutual fund industry.
For the financial year 2025-26, SBI Funds Management reported revenue from operations of ₹4,390 crore, marking a 22% increase from ₹3,598 crore in the previous fiscal. Net profit rose 21% year-on-year to ₹3,067 crore from ₹2,540 crore. In FY24, the company had reported revenue of ₹2,691 crore and a profit of ₹2,073 crore.
Apart from the IPO, the company is also reportedly exploring plans to raise around ₹1,500 crore from large institutional and sovereign investors. The public issue is being managed by a consortium of leading investment banks, including Kotak Mahindra Capital Company, 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.
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| (L-R)- Mr. Kaushal Shah, MD, Head- ECM, Kotak Mahindra Capital Company; Mr. Srinivas Jain, Executive President; Mr. Denys De Campigneulles, Deputy CEO; Mr. Debasish Mishra, MD & CEO; D.P. Singh, Joint CEO, SBI Funds Management Ltd; Amrendra Singh, Head, ECM, SBI Capital Markets and Aman Puri, MD, Jefferies India at the IPO press conference of SBI Funds Management Limited in Mumbai. |
Mumbai : SBI Funds Management Ltd, India's largest asset management company and a subsidiary of State Bank of India (SBI), has filed its red herring prospectus (RHP) for an initial public offering (IPO) worth up to ₹11,693 crore, making it the biggest Dalal Street public issue of 2026 so far. The company announced a price band of ₹545-574 per equity share, significantly below its recent unlisted market price of around ₹830 per share.
The public issue will open for subscription on July 14, while the basis of allotment is expected to be finalized on July 18. Shares of the company are scheduled to be listed on both the National Stock Exchange (NSE) and the BSE on July 21. At the upper end of the price band, SBI Funds Management is expected to command a market capitalization of nearly ₹1.17 trillion.
The IPO is entirely an offer for sale (OFS), with no fresh issue of shares. State Bank of India will offload up to 128.3 million shares, representing a 6.3% stake, while its joint venture partner Amundi India Holding will sell up to 75.6 million shares, equivalent to a 3.7% stake. Together, SBI and Amundi currently own nearly 98% of the asset management company. Before June 2011, Amundi India's stake was held by Société Générale SA.
The IPO will be the first billion-dollar-plus public issue in India this calendar year. Although several large IPOs were filed in June after geopolitical tensions in West Asia eased, renewed concerns over global markets following US President Donald Trump's remarks on the Iran ceasefire have weighed on investor sentiment. Indian benchmark indices Sensex and Nifty fell more than 2% on Wednesday, recording their sharpest single-day decline since late March.
Despite the market volatility, Debasish Mishra, the newly appointed Managing Director and Chief Executive Officer of SBI Funds Management, said the company remained committed to its listing timeline. He stated that investor confidence in the company's long-term fundamentals would remain intact even if market conditions deteriorated further. Mishra, who previously served as Deputy Managing Director at SBI, took charge of the asset management company last week following the retirement of former CEO Nand Kishore.
According to Mishra, the company's long-term strategy will remain unchanged after listing. SBI Funds Management will continue to focus on governance, customer-centricity and sustainable value creation under its existing five-year business plan covering the 2025-30 period.
Established in 1992, SBI Funds Management offers a wide range of investment products, including mutual funds, portfolio management services, offshore funds, alternative investment funds (AIFs) and investment offerings through GIFT City. Executive President Srinivas Jain said the company plans to expand its passive investment products and alternative investment offerings, including Category II and Category III AIFs, while also strengthening its private equity business through strategic hiring, acquisitions and joint ventures.
The company currently serves around 18 million unique mutual fund investors and manages 128 mutual fund schemes. It oversees assets worth more than ₹29 trillion across its businesses, while its mutual fund average assets under management (AAUM) stood at over ₹12.48 trillion as of March 2026, giving it a market share of 15.31%, the highest in the Indian mutual fund industry.
For the financial year 2025-26, SBI Funds Management reported revenue from operations of ₹4,390 crore, marking a 22% increase from ₹3,598 crore in the previous fiscal. Net profit rose 21% year-on-year to ₹3,067 crore from ₹2,540 crore. In FY24, the company had reported revenue of ₹2,691 crore and a profit of ₹2,073 crore.
Apart from the IPO, the company is also reportedly exploring plans to raise around ₹1,500 crore from large institutional and sovereign investors. The public issue is being managed by a consortium of leading investment banks, including Kotak Mahindra Capital Company, 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.
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