SBI, India's largest public sector bank, aims to list its mutual fund business—SBI Funds Management—on the stock market by March 2026.
The planned IPO target is a valuation of over 1 lakh crore, making it the largest-ever asset management company (AMC) listing in India.
SBI Funds Management is a joint venture between State Bank of India (owns 61.9%) and France-based Amundi (owns 36.36%), with minor stakes held by others.
Amundi is not expected to offer its stake for sale during the IPO, as it prefers to retain its investment.
India’s recent SEBI rules require large companies (over ?1 lakh crore market cap) to dilute a minimum 2.75% stake, raising at least ?6,250 crore through IPO.
SBI plans to space out the mutual fund IPO to avoid excess liquidity in the market after its recent 25,000 crore institutional placement.
No merchant bankers have been finalized yet, and details may change as things develop.
SBI Mutual Fund is India’s biggest asset manager, with over ?26 lakh crore in assets under management as per FY25.
It became the first Indian fund house to cross 10 lakh crore in AUM in FY25 and added more than 62 lakh new investors during the year.
Unlisted shares of SBI Funds Management currently trade at around 2,700 each.
The issue’s final structure, timeline, and merchant bankers are yet to be confirmed.
SEBI's new rules may influence the IPO's minimum size and dilution.
source ndtvprofit
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