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SBI Mutual Fund plans IPO by September 2026, aiming for Rs 1.25 lakh crore valuation. SBI and Amundi will sell a 10% stake. AMC stocks have seen strong returns in past year.
SBI Funds Management Ltd (SBIFML) is a joint venture between State Bank of India and Paris-based Amundi, with 61.98% and 36.40% stakes, respectively.
SBI Mutual Fund IPO: Even as the Indian primary market is going through a muted phase, India’s biggest fund house SBI Mutual Fund is preparing to file the draft red herring prospectus (DRHP) for its initial public offering (IPO) by March 2026. The asset management company is expected to be listed by September this year. Here’s what we know so far about the IPO and how its listed peers have performed in the past one year:
A PTI report in December 2025 had said that SBI Mutual Fund had started the process for the appointment of merchant bankers and other service providers to facilitate the IPO. In an interview with PTI, SBI Chairman C S Setty said that the boards of SBI and Amundi, who are the shareholders in SBI Mutual Funds, have approved a timeline of 12 months.
SBI Funds Management Ltd (SBIFML) is a joint venture between State Bank of India and Paris-based Amundi, with 61.98% and 36.40% stakes, respectively. The fund house managed assets of around Rs 12 lakh crore as of September 2025. It was the first AMC in India to cross the Rs 10 lakh crore AUM (Assets Under Management) milestone.
“We are very seriously working on that, and in this timeline we should hit the market…we have started the process of identifying the merchant bankers and other service providers,” Setty, who is also chairman of SBIFML, said.
According to reports, SBI Mutual Funds is aiming for a valuation of about $14 billion to $15 billion (around Rs 1.25 lakh crore to Rs 1.35 lakh crore).
SBI and Amundi will jointly sell a 10% stake in SBI Funds Management through the IPO, the former had said in November 2025. Reports indicate the 10% stake sale might fetch close to $1.5 billion (around Rs 13,500 crore).
Amundi is Europe’s biggest fund manager.
Investors who hold SBI (parent) shares are expecting a dedicated ‘shareholder quota’, similar to the LIC or Tata Technologies IPOs.
How Have Listed Peers Performed?
The AMC sector has been a standout performer in the last year. While the broader market (Sensex and Nifty) has seen volatility in early 2026, asset management stocks have benefited from a structural shift toward financialisation.
Nippon Life India Asset Management has been the top performer, delivering roughly 77% returns in the last year, driven by aggressive retail inflows and distribution expansion. HDFC Asset Management, long considered the sector’s benchmark for consistency, has gained around 40 per cent and recently outpaced broader indices.
| AMC Name | Market Cap (Approx.) | 1-Year Return | Recent Trend |
|---|---|---|---|
| Nippon Life India (NAM-INDIA) | Rs 61,000 Cr | 77% | Recent star performer; strong retail growth |
| HDFC AMC | Rs 1,17,000 Cr | 40% | Consistent performer; outpaced Sensex recently |
| Aditya Birla Sun Life AMC (ABSL) | Rs 26,000 Cr | 42% | Steady growth; trails top peers |
| UTI AMC | Rs 13,700 Cr | 10% | Conservative growth; lower valuation multiples |
| ICICI Prudential AMC | Rs 1,50,000 Cr | N/A | Listed Dec 2025; currently most valued AMC |
Aditya Birla Sun Life AMC has returned about 42 per cent, reflecting steady but relatively slower momentum. UTI AMC has lagged peers with roughly 10 per cent gains, trading at more conservative valuation multiples. Meanwhile, ICICI Prudential AMC, listed in December 2025, has already emerged as the most valuable AMC by market capitalisation at about Rs 1.5 lakh crore, rising by nearly 16.3% since its market debut.
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February 21, 2026, 13:00 IST
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