India’s largest asset manager, SBI Funds Management, has filed draft papers with the Securities and Exchange Board of India for an initial public offering. The proposed issue is entirely an offer for sale of up to 20.37 crore equity shares, with no fresh issue component. The filing moves the company closer to joining India’s listed asset management firms, while State Bank of India and Amundi India Holding plan to reduce their stakes.
SBI Funds Management has submitted its draft red herring prospectus to SEBI for its planned initial public offering. The proposed issue is entirely an offer for sale of up to 20.37 crore equity shares. As a result, the company will not receive any funds from the issue because there is no fresh share sale.
The draft papers show that the selling shareholders will be the promoters, State Bank of India and Amundi India Holding. After the listing, SBI Funds Management will join other listed asset management companies in India, including HDFC AMC, ICICI Prudential AMC, UTI AMC, Aditya Birla Sun Life AMC, Shriram AMC, and Nippon Life India Asset Management.
The filing confirms that both promoters will pare their holdings through the offer for sale. SBI currently holds 61.98% in SBI Funds Management, while Amundi holds 36.40%. The company is a joint venture between India’s largest lender and Paris-based Amundi.
Earlier, SBI Chairman C.S. Setty had said the fund house aimed to file its draft papers by March and complete the listing by September 2026. He had also said that the boards of SBI, Amundi, and SBI Funds Management had approved a 12-month timeline for the listing process. “The boards of SBI, Amundi and SBI Funds Management had approved a 12-month timeline for the listing process,” he had said.
SBI Funds Management is the country’s largest asset management company by quarterly average assets under management. As of December 2025, its QAAUM stood at nearly Rs 12.5 lakh crore. SBI Mutual Fund, sponsored by SBI, began operations in 1987 and was the first non-UTI mutual fund in India.
The issue will be managed by a group of merchant bankers, including 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. If listed, SBI Funds Management will add another publicly traded company to the SBI group, alongside SBI Life Insurance and SBI Cards.