SBI Mutual Fund IPO: SEBI approves Rs 13,000 crore offer-for-sale listing plan

SBI Mutual Fund has received approval from market regulator Sebi for an initial public offering, according to a person familiar with the matter. The planned IPO is expected to be launched next month. Another person familiar with the issue said the public offer is estimated at about Rs 13,000 crore.

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The draft papers filed in March showed the IPO will be entirely an offer for sale of up to 20.37 crore equity shares. There is no fresh issue planned in the structure. The offer will allow promoters State Bank of India and Amundi India Holding to reduce their shareholding.

SBI Mutual Fund IPO structure and promoters

SBI Funds Management Ltd is a joint venture between SBI and Paris-based Amundi. SBI holds 61.98 per cent of the company. Amundi holds 36.40 per cent. The offer for sale route means the company will not raise new capital through the IPO.

The filing also outlined that SBI Mutual Fund is sponsored by SBI and was set up in 1987. It was the first non-UTI mutual fund in India. The company is described as the country’s largest asset management firm. It reported quarterly average assets under management of nearly Rs 12.5 lakh crore as of December 2025.

SBI Mutual Fund IPO and listed AMC peers

After listing, SBI Funds Management Ltd is set to join other listed asset management companies. These include ICICI Prudential AMC, HDFC AMC, UTI AMC, Aditya Birla Sun Life AMC, Shriram AMC, and Nippon Life India Asset Management. The move adds another major fund house to the listed AMC space.

SBI Mutual Fund IPO bankers and timeline

A group of merchant bankers has been appointed for the issue. The advisers include 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. The IPO awaits launch after Sebi’s clearance.

If the offer proceeds as planned next month, the deal will be one of the larger IPOs in the sector. The offer will consist only of promoter share sales. Key details, including the size of up to 20.37 crore shares and the Rs 13,000 crore estimate, are based on people familiar with the matter.

With inputs from PTI