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.
SBI, SBI Funds and Amundi did not respond to Mint‘s emailed queries on the plans 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 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.
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 .
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.
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 ’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.