SBI Mutual Fund files for IPO with SEBI; up to 20.37 crore shares on offer

SBI Mutual Fund filed preliminary papers with capital markets regulator SEBI to raise funds through an initial public offering (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, State Bank of India (SBI) and Amundi India Holding, pare their stakes. Upon listing, SBI Funds Management (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.

SBI Mutual Fund boards approved 12-month IPO timeline

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

About SBI Fund Management

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

SBI Funds Management is the country’s largest asset management firm, with a quarterly average assets under management (QAAUM) of nearly Rs 12.5 lakh crore as of December 2025.

SBI Mutual Fund, sponsored by State Bank of India (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.

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