SBI Funds Management files IPO papers; promoters plan to sell 20.37 crore shares via OFS

State Bank of India and Amundi-promoted SBI Funds Management, the country's largest asset management company, has filed preliminary papers with SEBI on March 19 to raise funds via maiden public issue.

The IPO will comprise of solely an offer-for-sale of 20.37 crore equity shares, i.e. 10 percent stake, with no fresh issue component.

Promoters State Bank of India and Paris-based Amundi India Holding will be offloading 12.83 crore shares (6.3 percent stake) and 7.53 crore shares (3.7 percent stake), respectively, via offer-for-sale.

The country’s largest lender, State Bank of India, holds a 61.76 percent stake in SBI Funds Management, while 36.26 percent is owned by Amundi India Holding.

Moneycontrol was the first to report thatIndia’s largest asset manager will file draft papers shortly for IPO

Incorporated in 1992, SBI Funds Management— the largest asset management company since March 2021 with a mutual fund market share of 15.4 percent — became a joint venture in 2004 after Societe Generale Asset Management SA acquired a 37 percent stake. This stake was subsequently acquired by Amundi Asset Management through its subsidiary Amundi India Holding in 2011.

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If the listing plans fructify, this would be the third subsidiary of State Bank of India to list on the bourses. It is expected to become the sixth asset management company available for trading after ICICI Prudential Asset Management Company, HDFC Asset Management Company, Nippon Life India Asset Management, Aditya Birla Sun Life Asset Management, and UTI Asset Management Company.

The financial performance of SBI Funds Management has been strong in recent years, with profit in the nine-month period ended December 2025 rising 25.9 percent to Rs 2,432.9 crore from Rs 1,933 crore in the corresponding period of the previous fiscal. Revenue during the same period increased 23 percent to Rs 3,250.6 crore from Rs 2,641.9 crore.

Further, profit in fiscal 2025 stood at Rs 2,540.2 crore, growing 22.5 percent from Rs 2,072.8 crore in the previous year. Revenue in the same fiscal year surged 33.7 percent to Rs 3,597.8 crore from Rs 2,690.6 crore.

The merchant bankers managing the SBI Funds Management IPO are 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.