India’s largest asset manager SBI Funds Management filed for an initial public offering, where its existing investors State Bank of India and Amundi will together offload a 10% stake, its draft prospectus showed on Thursday.
In their second attempt to list the asset manager, SBI, India’s largest lender, will sell a 6.3% stake, while Europe’s biggest fund manager, Amundi, will sell a 3.7% stake.
The bank currently owns a 61.8% stake, while Amundi holds 36.3%. SBI Funds will not be issuing any new shares in the IPO.
SBI Funds Management has a market share of more than 15% in India’s mutual fund market, where it manages assets worth 12.5 trillion rupees ($134.15 billion).
Asset managers such as SBI Funds, recently-listed ICICI Prudential Asset Management Company, and HDFC Asset Management benefited from strong inflows into mutual funds last year, particularly from retail investors.
For the nine months to December 2025, SBI Funds posted a 26% climb in profit to 24.32 billion rupees on total revenue that rose 23% to 32.51 billion rupees.
The IPO would be the third for an SBI subsidiary, after the listing of SBI Cards and SBI Life Insurance.
In December, ICICI Prudential Asset Management, the country’s second-largest asset manager, became India’s fourth most-subscribed IPO. The stock surged over 23% on its trading debut and is currently up about 8.5% since listing.
Kotak Mahindra Capital, Axis Capital, BofA Securities and HSBC are among the nine bankers for the SBI Funds IPO.
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