India’s largest asset manager, SBI Funds Management Ltd, to file draft papers shortly for IPO

India’s largest asset manager, SBI Funds Management Limited (SBIFML), a joint venture between the country’s largest lender State Bank of India (SBI) and European asset management giant Amundi, is set to shortly file draft papers for the firm’s mega initial public offer, which will be a pure OFS or offer for sale, multiple industry sources in the know told Moneycontrol.

“The plan is to file the draft papers with market regulator Sebi very soon, probably in a day or two. The listing of a market leader like this will be a key event for the sector,” said one of the persons above.

Two other persons confirmed the above.

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SBI and Paris-based Amundi have a shareholding of 61.98 per cent and 36.40 per cent stake, respectively, in SBIFML, and plan to sell a combined 10 per cent stake through the initial public offer. SBI will dilute 6.3 per cent and Amundi will dilute 3.7 per cent, as per earlier disclosures. As of December 2025, SBIFML managed assets in excess of 12.6 lakh crores.

“It’s a highly uncertain phase for the IPO market with issues getting deferred, but these are early days in the SBIFML listing roadmap and post Sebi approval there is a one-year timeline for the issue launch. Post the marketing and the road shows later in the year, one would get a better sense of the firm’s valuation depending on market conditions prevailing at that time,” added a third person.

For context, at the end of days’ trade on March 19, the market cap of the country’s second biggest asset manager ICICI Prudential Asset Management stood at Rs 1,39,291 crores ($14.94 bn) — 10 per cent (size of the SBIFML OFS) of that market cap is Rs 13,929 crore ($1.49 bn)

ICICI Prudential Asset Management made its market debut last year along with peer Canara Robeco Asset Management Company.

A third person familiar with the issue added, “There are 9 investment banks which are part of the syndicate, namely Kotak Mahindra Capital, Axis Capital, Jefferies, SBI Capital, ICICI Securities, Motilal Oswal, HSBC Securities, JM Financial and BofA Securities.”

All the three persons above spoke to Moneycontrol on the condition of anonymity.

Moneycontrol could not elicit an immediate comment from SBI, SBIMFL, Amundi and the investment banks on the filing plans. This article will be updated as soon as we hear from the parties.

Recently, the central government amended the rules governing minimum public shareholding for mega companies planning to list on stock exchanges, introducing a graded framework that allows large companies to offer a smaller portion of shares to the public at the time of their initial public offering (IPO).