SBI Funds Management Summary
This business activity comprises asset management services, including the management of mutual fund schemes, portfolio management services (PMS), alternative investment funds (AIFs), and offshore funds to retail, high net worth individuals (HNI), and institutional investors in India and internationally. SBI Funds Management Limited (SBIFML) acts as the investment manager for SBI Mutual Fund, which is the oldest and biggest mutual fund in India based on its assets under management (AUM). SBIFML manages a varied set of 126 mutual fund schemes covering equity & equity-oriented, debt, arbitrage, ETF, index, overseas fund of funds, and liquid/overnight mutual funds. The sources of revenue include management fees (which are calculated as a percentage of average AUM of various funds), trail commission from third party distribution and banking platforms, license fees from ETF and Index funds, and advisory and auxiliary financial services fees from institutions. The fee rates are all governed by SEBI under the Mutual Funds Regulations, 2026.
In regards to the business operation process involved, the firm handles ₹12.50 lakh crore worth of mutual fund Quarterly Average Assets Under Management (QAAUM) as at 31st December 2025, which translates into a 15.4% market share of the Indian mutual fund industry. The firm is also the country’s largest ETF (exchange traded fund) manager with passive (ETF and index funds) QAAUM of ₹3,99,953 crore and a market share of 29.6% in passive funds, a position that it has held since March 2021. The firm has over 16.05 million customers with 1.576 crore live SIP accounts (16.09% SIP market share). Distribution is done across India via a multichannel network including direct, banks, online platform, independent financial advisors and SBIFML’s own mobile app ecosystem using the 96+ million users base of SBI’s YONO app. International business includes India focused mandates in Japan, Australia and Korea; UCITS India focused funds distributed in Europe, the Middle East, South America, and Southeast Asia; advisory services to Amundi's Global Emerging Markets funds.
BSE and NSE Mainboard book-built issue by SBI Funds Management Limited, wherein face value is ₹1 per share with the price band of ₹545–₹574 per share. Total issue size of ₹11,692.91 Cr, comprising entirely an Offer for Sale (OFS) of 20,37,09,239 equity shares by existing promoter shareholders — State Bank of India (selling up to 12,83,34,397 shares) and Amundi India Holding (selling up to 7,53,74,842 shares). The company will not receive any IPO proceeds. The issue is bifurcated between QIBs including Anchor (not more than 50% of net offer), NII (not less than 15% of net offer), and Retail Investors (not less than 35% of net offer), and the tentative listing will be on BSE and NSE Mainboard on July 21, 2026.
SBI Funds Management IPO Details:
SBI Funds Management Limited Issue Management:
Kotak Mahindra Capital Co. Ltd., Axis Capital Ltd., BofA Securities India Ltd., HSBC Securities & Capital Markets (India) Pvt. Ltd., ICICI Securities Ltd., Jefferies India Pvt. Ltd., JM Financial Ltd., Motilal Oswal Investment Advisors Ltd., SBI Capital Markets Ltd. acts as the book-running lead manager for SBI Funds Management NSE BSE Mainboard IPO, managing underwriting and compliance.
SBI Funds Management Limited IPO RTA (Registrar) Details:
Kfin Technologies Ltd. handles allotment, refunds, and demat credits - contact at 040-79615565 or sbifml.ipo@kfintech.com.
SBI Funds Management Limited IPO Allotment Status:
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SBI Funds Management Mainboard IPO totals ₹11,692.91 Cr — entirely an Offer for Sale (OFS). No fresh issue. All proceeds go to the selling promoter shareholders.
(OFS represents approximately 10% of SBI Funds Management's paid-up equity share capital)
Since the SBI Funds Management IPO is entirely an OFS with no fresh issue, the company receives zero IPO proceeds.
SBI Funds Management Mainboard IPO is structured for QIB (50%), NII (15%), and Retail (35%) investors as per SEBI mainboard norms. Minimum retail investment: ₹14,924 (1 lot at ₹574). Up to 60% of the QIB portion may be allocated to Anchor Investors.
The anchor bidding for SBI Funds Management Limited Mainboard IPO is scheduled for July 13, 2026, one working day before the issue opens on July 14, 2026. Anchor investors will be allotted shares in accordance with SEBI mainboard IPO regulations — up to 60% of the QIB portion may be allocated to anchor investors. Reports indicate Abu Dhabi Investment Authority (ADIA) and Singapore's GIC are expected to participate as anchor investors.
Lock-in: The anchor allotment follows standard mainboard IPO norms, where 50% of the anchor shares are locked in for 30 days and the remaining 50% for 90 days from the listing date of July 21, 2026 on BSE and NSE.
The anchor allocation details and investor list will be disclosed in the anchor book before the IPO opening. Kotak Mahindra Capital Co. Ltd., Axis Capital Ltd., BofA Securities India Ltd., HSBC Securities & Capital Markets (India) Pvt. Ltd., ICICI Securities Ltd., Jefferies India Pvt. Ltd., JM Financial Ltd., Motilal Oswal Investment Advisors Ltd., SBI Capital Markets Ltd. Registrar: KFin Technologies Ltd.
SBI Funds Management Limited is India’s oldest and largest AMC formed in 1992 through a joint venture between SBI and Amundi Asset Management. Income from operations grew at a CAGR of 29.01% from ₹2,161.59 Cr (FY23) to ₹3,597.76 Cr (FY25). PAT grew at a CAGR of 37.70% from ₹1,339.71 Cr (FY23) to ₹2,540.15 Cr (FY25). In just 9 months FY26, the company recorded ₹2,432.91 Cr in PAT. AUM – ₹12.50 lakh crore Mutual Fund QAAUM (December 2025, 15.4% market share). Passive Funds QAAUM – ₹3,99,953 Cr (29.6% market share - Largest ETF Manager in India). Live SIP Accounts – 1.576 crore (16.09% SIP market share). Number of investors – 16.05 million+. ROE – always more than 30%. EBITDA margin (FY25) – 80.5%. Issue Size – ₹11,692.91 Cr (One of the largest financial sector IPOs in India). GMP on 9th July, 2026 – ₹70 - Listed Price estimate – ₹644 (+12.19% above issue price of ₹574). P/E at upper band: ~46x (based on FY25 PAT) or ~36x (based on 9M FY26 annualised PAT).
Action Links:
To apply for SBI Funds Management Limited IPO, open a demat account here
SBI Funds Management Limited IPO Subscription Status: Check live subscription here
SBI Funds Management Limited IPO GMP Update: Check latest grey market premium here
SBI Funds Management Key Highlights:
SBI Funds Management Limited (SBIFML) is the oldest and biggest AMC in India with SBI Mutual Fund since 1987. Joint Venture company between the State Bank of India and Amundi Asset Management (Europe’s largest AMC). ₹12.50 lakh crore mutual fund QAAUM (December 2025, 15.4% market share). India’s largest ETF manager (₹3,99,953 Cr passive QAAUM, 29.6% market share from March 2021). 1.576 crore live SIP accounts (16.09% market share). 16.05 million Investors. 126 mutual fund schemes in the areas of equity, debt, hybrid, ETF, index, and FOF. Also, largest PMS provider (39% market share) and largest SIF platform (61% market share) in India. International operations include mandates for Japan, Australia, and Korea; UCITS funds in Europe, Middle East, South America, Southeast Asia; advisory for Amundi Global Emerging Markets funds. Innovations including the first Contra Fund (1999), first bank sponsored offshore fund (2006), first ESG Fund (2018), and first Silver ETF (2024). Pays brand royalty to SBI of ₹41.26 Cr in FY25. IPO fully OFS – company receives zero capital.
SBI Funds Management Risk Factors:
The risks of SBI Funds Management Limited IPO are mentioned below:
100% OFS — Company Gets No Capital: The entire ₹11,692.91 Cr issue size gets utilized by SBI and Amundi. The company makes no financial gains from the listing. The investors are basically buying equity at a valuation fixed by promoters with no capital gain coming into the company.
Valuation Premium at ~46x P/E: At the upper end of ₹574, the IPO is being offered at around 46x FY25 PAT and ~36x annualized 9M FY26 PAT, which is quite a premium compared to other listed players like HDFC AMC and Nippon Life India AMC. Consistency in earnings growth would be required to sustain this valuation premium.
SEBI Mutual Fund Regulations 2026 Headwind: Effective April 1, 2026, SEBI Mutual Funds Regulations have introduced Base Expense Ratio along with lower fees, resulting in lower management fees.
Revenue Dependent on AUM: The revenue/profitability would totally depend on QAAUM levels. Any market fall, large redemptions or poor performance in the schemes would result in lower AUM and profitability.
Scheme Underperformance: 11 schemes comprising 15.20% of total QAAUM (₹1,22,091 Cr) ranked in the bottom quartile for 3-year performance as of December 2025. Continued underperformance risks redemptions and reputational damage.
SBI Brand License Dependency: The company operates under a license agreement for the 'SBI' brand — paying ₹41.26 Cr royalty in FY25. If SBI's shareholding falls below 26%, this license can be terminated — a critical existential business risk.
Revenue Concentration: Top 10 mutual fund schemes contributed 48.47% of revenue in 9M FY26. Concentration in a small number of schemes increases vulnerability to performance-driven redemptions.
Cybersecurity Risk: Experienced a data breach at its ESOP management portal operator in FY26, resulting in exfiltration of employee PAN details — highlighting ongoing operational and reputational risks from third-party technology vendors.
SBI Funds Management Expert Analysis:
SBI Funds Management Mainboard book-built IPO is priced at ₹545–₹574 per share (face value ₹1), aggregating ₹11,692.91 Cr — entirely an OFS of 20,37,09,239 shares by SBI and Amundi India Holding. No fresh issue. Listing on both BSE and NSE.
Basic details of the IPO:
Type of IPO: Book-built Mainboard IPO (BSE & NSE) — 100% OFS, zero fresh capital to company
Uses of funds: Nil for company — proceeds to SBI (12,83,34,397 shares) and Amundi India Holding (7,53,74,842 shares); benefit of listing: brand visibility and public market for shares
Anchor bidding: July 13, 2026 | Opens: July 14, 2026 | Closes: July 16, 2026 | Allotment: July 17, 2026 | Listing: July 21, 2026 (BSE & NSE)
Lead Managers: 9 BRLMs including Kotak Mahindra Capital, Axis Capital, BofA Securities, ICICI Securities, JM Financial, Motilal Oswal, SBI Capital Markets | Registrar: KFin Technologies Ltd.
Expert View on the IPO:
SBI Funds Management is a definitive brand within the asset management franchise – India’s largest AMC which boasts an irrefutable market leadership in the domains of mutual funds, ETFs, PMS & SIF platforms, thanks to the best parentage duo in Indian asset management (SBI + Amundi). PAT CAGR of 37.70% (FY23-FY25) and 9M FY26 PAT of ₹2,432.91 Cr are self-explanatory. GMP of ₹70 (+12%) signifies a moderately positive market sentiment where ADIA & GIC are expected to be anchor investors. But 100% OFS, regulatory challenges to fee cap from April 2026, premium P/E ratio (~46x), dependency on SBI brand license, and performance issues of schemes (QAAUM of 15.20% in bottom quartile) have to be considered cautiously. This is definitely a very compelling story for long-term wealth management investment in India, but not a “buy at any price” IPO.
Should you invest in SBI Funds Management?
Suitable for investors looking for blue-chip investment in India's biggest AMC and wealth management growth story of India, happy with 100% OFS structure, expensive valuation, and fee cap regulations from FY27. Suitable for short-term investors looking to make money out of listing gains on account of GMP of ₹70 (+12%) and strong anchor support.
Consider investing when:
Seeking long-term exposure to India's largest AMC (₹12.50 lakh Cr AUM, 15.4% market share) with consistent 37.70% PAT CAGR, dominant ETF leadership (29.6% passive market share), and strong SBI + Amundi parentage.
Comfortable with 100% OFS structure, premium P/E (~46x FY25), SEBI fee cap regulatory risk from April 2026, and scheme underperformance risk in 15.20% of QAAUM.
Do not invest when:
Risk-averse about 100% OFS promoter exit (company receives zero capital), premium valuation at ~46x P/E, new SEBI mutual fund regulations reducing management fee income from FY27, and SBI brand license dependency.
Expecting deep undervaluation — the GMP of ₹70 (+12%) suggests only moderate near-term listing upside.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is for informative purposes and not investment advice.
Action Links:
To apply for SBI Funds Management Limited IPO, open a demat account here
SBI Funds Management Limited IPO Subscription Status: Check live subscription here
SBI Funds Management Limited IPO GMP Update: Check latest grey market premium here
1. What is the SBI Funds Management Limited IPO open and close date?
SBI Funds Management Mainboard IPO opens July 14, 2026 and closes July 16, 2026. Allotment: July 17. Refunds & Demat credit: July 18. Listing on BSE and NSE: July 21, 2026.
Track SBI Funds Management Limited IPO subscription status live here from Finnpick.
2. What is the SBI Funds Management Limited IPO price band and lot size?
The IPO is a book-built SME issue with a price band: ₹545–₹574 per share (face value ₹1). Lot size: 26 shares. Minimum retail investment: ₹14,924 (1 lot at ₹574). Maximum retail: 13 lots (338 shares) = ₹1,94,012.
3. What is SBI Funds Management Limited IPO total size?
The total issue size is ₹11,692.91 Cr — entirely an Offer for Sale (OFS) of 20,37,09,239 equity shares by promoters. SBI sold up to 12,83,34,397 shares (~6.3% stake). Amundi India Holding sold up to 7,53,74,842 shares (~3.7% stake). No fresh issue — company receives zero proceeds. Listing on both BSE and NSE (Mainboard).
4. How to apply for the SBI Funds Management Limited IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or apply ASBA by June 15, 4 PM. Monitor SBI Funds Management Limited IPO subscription tracker here. Ensure your demat account is active and UPI mandate is approved before the closing time.
5. How to check SBI Funds Management Limited IPO Allotment Status?
The allotment date is on July 16th and can be checked on KFin Technologies Ltd. RTA portal using PAN/DP ID.
6. What is SBI Funds Management Limited IPO GMP today and subscription status?
Current Grey Market Premium (GMP) stands at ₹70 as of July 09, indicating listing at the price range of ₹644 - check daily updates of SBI Funds Management Limited IPO GMP trends here and live subscription status here from July 14th opening only on Finnpick.
7. What does SBI Funds Management Limited specialize in?
SBI Funds Management Limited (SBIFML) is India's largest AMC managing SBI Mutual Fund since 1987 as a joint venture between State Bank of India and Amundi Asset Management. Manages ₹12.50 lakh crore QAAUM across 126 mutual fund schemes (equity, debt, hybrid, ETF, index, FOF). Also India's largest ETF manager (29.6% passive market share), largest PMS provider (39% market share), and largest SIF platform (61% market share). Serves 16.05 million investors with 1.576 crore live SIP accounts.
8. When is the SBI Funds Management Limited IPO listing date?
The IPO is scheduled to list on NSE BSE Mainboard on 21st July 2026, subject to final confirmation from the exchange. Basis of allotment is tentatively on 17th July 2026, with refunds and demat credits around 18th July 2026.
9. What are the SBI Funds Management Limited IPO proceeds utilization details?
The SBI Funds Management IPO is a 100% OFS — the company receives zero proceeds. All ₹11,692.91 Cr goes to the selling promoter shareholders: State Bank of India (12,83,34,397 shares) and Amundi India Holding (7,53,74,842 shares). The stated benefit for the company is enhanced brand visibility, public market for shares, and improved corporate governance through listing.
10. Who are the promoters of SBI Funds Management Limited?
The promoters of SBI Funds Management Ltd. are State Bank of India (61.76% pre-IPO), Amundi India Holding (36.26% pre-IPO), and Amundi Asset Management. Chairman: Challa Sreenivasulu Setty. MD: Nand Kishore. Company established 1992. HQ: 9th Floor, Crescenzo, C-38 & 39, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051.
11. Should I apply for the SBI Funds Management IPO?
You may Consider applying for long-term exposure to India's largest AMC (₹12.50 lakh Cr AUM, 15.4% market share, 37.70% PAT CAGR) with dominant market leadership across ETFs, PMS, and SIP. Note: 100% OFS structure (company gets nothing), premium P/E ~46x, new SEBI fee cap regulations from April 2026 reducing management fees, SBI brand license dependency, and 15.20% QAAUM in bottom-quartile performing schemes. Minimum retail investment ₹14,924. This is for informational purposes only and not investment advice; read the RHP/DRHP and consult a SEBI-registered advisor before investing.
