SBI Funds Management sets ₹545-574 price band for ₹11,693-crore IPO; SBI, Amundi to pare stake via OFS
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SBI Funds Management, the country’s oldest and largest asset manager, has set a price band of ₹545-574 per share for its highly anticipated initial public offering (IPO), which will open for public subscription on July 14. The anchor investor portion will open on July 13, while the issue will close on July 16.
The asset management arm of SBI Mutual Fund looks to raise around ₹11,693 crore at the upper end of the issue price, which is completely an offer for sale (OFS) by exisiting shareholders - State Bank of India (SBI) and Amundi India Holding. The market valuation of the company is pegged at around ₹1.17 lakh crore.
The allotment of shares is likely to be finalised on July 18, while SBI Funds Management shares are scheduled to debut on the stock exchanges on July 21. The listing will make SBI Funds Management the third listed subsidiary of SBI after SBI Life Insurance and SBI Cards & Payment Services.
The asset management company received regulatory clearance from the Securities and Exchange Board of India (Sebi) last month. SBI Funds Management, a joint venture between SBI (63%) and Europe's Amundi (37%), had filed its draft red herring prospectus (DRHP) with Sebi on March 19, 2026.
SBI, Amundi India to sell stake via OFS
As part of the OFS, SBI will divest up to 12.83 crore equity shares, representing a 6.3% stake, while Amundi India Holding will sell up to 7.56 crore shares, equivalent to a 3.7% stake. Together, the two promoters currently own nearly 98% of SBI Funds Management.
SBI and Amundi had first announced plans to list the asset management company in November last year, saying a public listing would broaden shareholder participation, deepen investor engagement and strengthen awareness of the company's investment offerings.
Founded in 1992, SBI Funds Management has emerged as one of India's largest asset management companies, commanding a market share of more than 15%. It manages assets worth over ₹28 lakh crore, placing it among the world's largest asset managers by assets under management (AUM).
The company's revenue model is predominantly fee-based, with management fees tied to the growth in AUM, allowing earnings to scale as assets increase. This provides strong operating leverage and supports profitability. In recent years, SBI Funds Management has also stepped up investments in technology and artificial intelligence to enhance customer engagement, improve operational efficiency and lower client acquisition costs, further strengthening its position in India's rapidly expanding mutual fund industry.
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