SBI Funds starts roadshows for a ₹13,000-crore IPO, aims launch by July

Priyamvada CSneha Shah
3 min read27 May 2026, 12:26 PM IST
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SBI Funds will join the likes of Manipal Health, whose highly-anticipated $1.1 billion IPO is targeting the same timeline.(istockphoto)
Summary
SBI Funds Management, India’s largest asset manager, is said to be in talks with investors to raise about 13,000 crore through an IPO for a likely launch in a couple of months. This comes at a time when India's public market activity has relatively slowed down due to macroeconomic uncertainties.

Mumbai: SBI Funds Management, India’s largest asset manager, has kicked off road shows and started discussions with potential investors to raise about 13,000 crore through an initial public offering (IPO) that it looks to launch between June-end and July, two people with knowledge of the matter said.

The company is expected to get the regulator’s nod in the coming weeks, the people added.

If it goes as planned, SBI Funds will join the likes of Manipal Health, whose highly-anticipated $1.1 billion IPO is targeting the same timeline, Mint reported earlier this week.

On 19 March 2026, SBI Funds filed its draft papers for the listing with the Registrar of Companies. Its joint venture partners, State Bank of India (SBI) and French asset manager Amundi SA, are set to cumulatively offer 203.7 million shares for sale, which translates into a 10% stake in SBI Funds, the filings showed.

Also Read | SBI Funds Management IPO plan: How its MF business rose to the top

Amundi declined to respond to Mint's emailed queries, while SBI and SBI Funds had not reverted until the time of publishing.

The development comes at a time when India's public market activity has relatively slowed down due to macroeconomic uncertainties, with several companies choosing to defer or scrap their listing plans. Large issues such as SBI Funds and Manipal are likely to pave the way for a rebound in IPO activity later in the year.

SBI will offer up to 128.3 million shares, while Amundi SA will sell up to 75.3 million shares through its India affiliate. The two shareholders currently hold a 98.02% stake in the company: SBI owns 61.76% and Amundi 36.26%. Joint chief executive officer D.P. Singh holds 0.1% stake. However, no fresh shares will be issued, so no proceeds of the IPO will go to the company.

Also Read | SBI Mutual Fund likely to file IPO papers by mid-February, list by April

Kotak Mahindra Capital, Axis Capital, ICICI Securities, JM Financial, Motilal Oswal Investment Advisors, SBI Capital Markets and the Indian units of global banks Bank of America, HSBC and Jefferies are the bankers to the issue.

Founded in 1992, SBI Funds Management offers financial services, including mutual funds, portfolio management services, offshore funds, alternative investment funds, and offerings through GIFT City.

The company managed assets worth 12.5 trillion as of 31 December 2025, with a mutual fund market share of 15.4%. It reported a net profit of 2,531 crore in FY25, as against 2,062 crore in the previous fiscal year.

SBI Funds Management is the asset management company that manages schemes under the SBI Mutual Fund umbrella.

Also Read | SBI, Amundi to offload 10% in SBI Funds IPO, no fresh shares to be issued

In FY25, SBI Mutual Fund became the first fund house to cross 10 trillion in assets under management. In the same year, it got about 9% of industry market share of the net funds flow and added more than 6.2 million new investors.

Rival fund manager ICICI Prudential Asset Management’s $1.2 billion IPO was launched in December 2025 and is now valued at around $15 billion. Canara Robeco Asset Management Co. Ltd was listed in October last year, following government’s push to public-sector banks to list their subsidiaries to unlock value.

About the Authors

Priyamvada is a Mumbai-based business journalist at Mint. She writes about the public and private markets with a key focus on venture capital, private equity, M&As and private credit. Her coverage also spans startups and emerging businesses.<br><br>Over the last two years, she has uncovered some of the largest deals and interviewed important decision-makers from India’s investment ecosystem. She likes to dabble across different formats like long forms and explainers. Her work has been consistently displayed on the publication's deals page, and she has also written multiple front-page stories.<br><br>Prior to joining Mint in 2024, she worked out of Reuters’ Bengaluru bureau where she extensively covered the travel, transportation, and logistics industries. Across both her stints, Priyamvada has displayed rigour for breaking news and analyzing interesting data-driven trends. She holds a postgraduate diploma from the Asian College of Journalism's Bloomberg programme. In her free time, she enjoys reading books and trying out different cuisines. She is keen to delve deeper into the various sectors she covers and is always up for a chat. You can reach out to her at priyamvada.c@livemint.com.

Sneha Shah is the editor for deals and startups at Mint. Starting off her career in India’s financial capital as a cub reporter for the Mid-day newspaper in the mid-2000s, she later moved on to decode balance sheets and follow the money trail for some of the leading pink publications in the country. She has been covering India’s deals ecosystem for nearly two decades now, closely tracking private- and public-market funding, startups, private equity, venture capital, and investment banking. From breaking some of the biggest deal stories of the past to doing some incisive deep-dives into the latest trends and turnarounds in the industry, she has witnessed the phenomenal growth and transformation of the country’s investment ecosystem from really close quarters. A graduate in journalism, she has worked with The Economic Times, Financial Chronicle, VCCircle and Mid-Day before starting her second stint at Mint in 2022. As a keen observer of India’s startups ecosystem, she aspires to write a book some day, chronicling some of the most inspiring stories the industry has seen so far in its remarkable journey.

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