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SBI Mutual Fund, the country’s largest fund house, has secured market regulator Sebi’s approval to float its initial public offering (IPO), a person familiar with the matter said on Friday.
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) filed in March.
The offering will see promoters, State Bank of India (SBI) and Amundi India Holding, pare their stakes.
A person familiar with the matter told PTI that the asset management company received Sebi’s approval to float the public issue estimated to be worth Rs 13,000 crore. The IPO is expected to be launched next month.
Upon listing, SBI Funds Management Ltd (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 Funds Management Ltd is a joint venture between SBI and Paris-based Amundi, holding 61.98% and 36.40% stake, respectively.
The company 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 SBI and established in 1987, was the first non-UTI mutual fund in India.
Also Read: ONGC loses bid to scrap $24.7 million award as Bombay HC limits challenges to international arbitration
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.
Also Read: Startup funding tops $350 million this week, led by AI and consumer health deals
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) filed in March.
The offering will see promoters, State Bank of India (SBI) and Amundi India Holding, pare their stakes.
A person familiar with the matter told PTI that the asset management company received Sebi’s approval to float the public issue estimated to be worth Rs 13,000 crore. The IPO is expected to be launched next month.
Upon listing, SBI Funds Management Ltd (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 Funds Management Ltd is a joint venture between SBI and Paris-based Amundi, holding 61.98% and 36.40% stake, respectively.
The company 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 SBI and established in 1987, was the first non-UTI mutual fund in India.
Also Read: ONGC loses bid to scrap $24.7 million award as Bombay HC limits challenges to international arbitration
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.
Also Read: Startup funding tops $350 million this week, led by AI and consumer health deals
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