SBI Mutual Fund IPO: SEBI Approves Rs 13,000 Cr Offer

SBI Mutual Fund, India’s largest fund house, has received SEBI approval for an Initial Public Offering (IPO) expected next month. The public offer is estimated to be around Rs 13,000 crore.

This upcoming IPO is structured entirely as an offer for sale (OFS), involving up to 20.37 crore equity shares. Existing promoters, State Bank of India and Amundi India Holding, will divest a portion of their shareholding. This means the company itself will not raise fresh capital from the market.

Key IPO Figures

The estimated IPO value stands at Rs 13,000 crore, with up to 20.37 crore equity shares offered for sale. State Bank of India holds a 61.98% stake in the joint venture, while Amundi holds 36.40%. As of December 2025, the fund manages nearly Rs 12.5 lakh crore in quarterly average assets under management.

SBI Funds Management Ltd, the entity behind SBI Mutual Fund, operates as a joint venture. State Bank of India holds 61.98%, with Paris-based Amundi holding 36.40%. Established in 1987, it was India’s first non-UTI mutual fund.

Market Context and Management

Upon listing, SBI Funds Management Ltd will join other prominent asset management companies already on the stock exchange, including ICICI Prudential AMC and HDFC AMC. A consortium of merchant bankers, specifically Kotak Mahindra Capital and Axis Capital, has been appointed to manage the issue.

The IPO’s launch remains contingent on final clearance from SEBI. If it proceeds as planned, this will mark one of the larger IPOs in the sector focused solely on promoter share sales.