State Bank of India (SBI) is divesting 3,20,60,000 equity shares, equivalent to 6.3007% of total equity capital of SBI Funds Management Limited (SBIFML) through Initial Public Offering (IPO). Amundi India Holding, the other promoter of SBIFML will divest 1,88,30,000 equity shares, being equivalent to 3.7006% of total equity capital of SBIFML, with a total of 10.0013% stake comprising of 5,08,90,000 shares to be listed.
Both the promoters of SBIFML have jointly initiated the IPO, which will likely be completed in 2026. At present, SBI and Amundi India Holding hold 61.91% and 36.36% stake in SBIFML respectively.
SBIFML is the largest asset management company in the country with market share of 15.55% managing Quarterly Average Assets Under Management (QAAUM for Q2 FY2025-26) of Rs 11.99 trillion under various schemes of SBI Mutual Funds and AUM of Rs 16.32 trillion under Alternates as on 30th September 2025.
SBI Chairman Challa Sreenivasulu Setty said, “SBIFML will be the third subsidiary of SBI to be listed after SBI Cards and SBI Life Insurance. Considering SBIFML’s sustained strong performance and market leadership over the years, it is considered an opportune time to launch the IPO process.”
Setty added, “Apart from maximizing value realization for the existing stakeholders, the IPO will create opportunities for the general shareholders, broaden market participation and lead to increased awareness of products to a wider set of potential investors. This will further enhance the public visibility of the Company, thereby reinforcing its position as a leading player in the asset management industry”.
Valérie Baudson, Chief Executive Officer of Amundi, commented, “SBI Funds Management has grown successfully, leveraging on the powerful distribution capacity of SBI’s network in India, combined with Amundi’s global expertise in asset management. This IPO will unlock the value jointly created by SBI and Amundi, which will continue their successful long-term partnership in a fast-growing Indian market that presents significant development potential, added Baudson.
SBI Mutual Fund was established in the year 1987 with SBI as the sponsor and was the first non-UTI mutual fund in India. In the year 1992, SBI Funds Management Limited was incorporated as a wholly owned subsidiary of SBI as Investment Manager for SBI Mutual Funds to provide investment solutions across different asset classes.