SBI Funds Management‘s initial public offering, which opens for subscription on July 14-16 is set to bring India’s largest asset management company to the public markets. The issue is valued at about Rs 1.17 lakh crore. While SBI Funds Management leads the industry in assets under management, passive investing and portfolio management services, ICICI Prudential Asset Management Company continues to deliver superior return ratios and consistent dividends. Here are seven key factors that set the two companies apart.
SBI Mutual Fund IPO structure and listing timeline
SBI Funds Management’s IPO will open on July 14, 2026, close on July 16, 2026, while anchor investors can bid on July 13, 2026. The issue comprises an Offer for Sale (OFS) of up to 20.37 crore equity shares, representing 10.0013% of the company’s paid-up equity share capital. State Bank of India will sell up to 12.83 crore shares, equivalent to 6.3% of the company, while Amundi India Holding will divest up to 7.54 crore shares, representing 3.7%.
Since the IPO is entirely an OFS, SBI Funds Management will not receive any proceeds from the issue. Instead, the proceeds will accrue to the selling shareholders. ICICI Prudential AMC, meanwhile, has already established its presence in the listed market, making SBI Funds Management’s listing one of the biggest additions to India’s listed asset management space.
SBI Mutual Fund IPO Vs ICICI Prudential AMC: Scale versus profitability
As of December 31, 2025, SBI Funds Management managed mutual fund quarterly average assets under management (QAAUM) of about Rs 12.5 lakh crore, making it India’s largest asset manager with a 15.4% market share. Including portfolio management services, advisory mandates and other businesses, total QAAUM stood at around Rs 29 lakh crore. The company also managed approximately 1.58 crore active SIP accounts, accounting for 16.09% of industry SIPs by count.
ICICI Prudential AMC, although smaller in assets under management, reported stronger profitability. According to SBI Funds Management’s peer comparison for FY25, ICICI Prudential AMC reported revenue of Rs 4,682.78 crore and Return on Net Worth (RoNW) of 82.80%, compared with SBI Funds Management’s revenue of Rs 3,597.76 crore and RoNW of 33.77% for the financial year ended March 31, 2025.
SBI Mutual Fund IPO Vs ICICI Prudential AMC: Financial performance
For the financial year ended March 31, 2025, SBI Funds Management reported revenue from operations of Rs 3,597.76 crore, up from Rs 2,690.56 crore in FY24. Profit after tax increased to Rs 2,540.15 crore in FY25 from Rs 2,072.79 crore in FY24, while EBITDA rose to Rs 3,412.94 crore from Rs 2,718.82 crore during the same period. EBITDA margin stood at 94.86% in FY25, compared with 101.05% in FY24.
For the financial year ended March 31, 2026, ICICI Prudential AMC reported revenue from operations of Rs 5,764.63 crore, up 23.1% from Rs 4,682.78 crore in FY25. Total income increased to Rs 6,000.92 crore from Rs 4,979.67 crore.
Meanwhile, total expenses rose to Rs 1,594.08 crore from Rs 1,446.62 crore during the same period. Profit before tax (PBT) climbed to Rs 4,406.84 crore from Rs 3,533.05 crore, and profit after tax (PAT) increased to Rs 3,298.26 crore from Rs 2,650.66 crore. Return on Equity (RoE) improved to 85.0% in FY26 from 82.8% in FY25.
SBI Mutual Fund IPO Vs ICICI Prudential AMC: Dividend payout
Dividend distribution remains one of the biggest differentiators between the two companies.
ICICI Prudential AMC’s board has recommended a final dividend of Rs 12.40 per equity share of face value Rs 1 each for the financial year-ended March 31, subject to shareholder approval at its Annual General Meeting scheduled for June 24. The company has fixed June 12, 2026, as the record date for determining eligible shareholders.
SBI Funds Management, which is currently unlisted, has disclosed its dividend distribution policy in the DRHP but has not announced any post-listing dividend payout or distribution guidance. Since the IPO is entirely an Offer for Sale, the listing does not change the company’s capital structure.
SBI Mutual Fund IPO Vs ICICI Prudential AMC: Leadership across investment segments
SBI Funds Management has built leadership across multiple business segments. As of December 31, 2025, it managed passive fund assets of around Rs 3.99 lakh crore, giving it a 29.6% market share in passive funds. It also held a 39% market share in portfolio management services and a 61% market share in the Specialised Investment Fund segment. The company accounted for 12.78% of industry SIP inflows during the period.
ICICI Prudential AMC continues to remain one of the country’s largest listed asset managers with a diversified product portfolio, although SBI Funds Management holds a clear advantage across several industry leadership metrics disclosed in the DRHP.
SBI Mutual Fund IPO Vs ICICI Prudential AMC: Operating efficiency and business model
SBI Funds Management reported an operating expense ratio of 0.08% for FY25, lower than the 0.10% to 0.19% range reported by other top 10 asset managers. The company attributes this to operating scale and a diversified distribution network that includes SBI’s banking franchise, distributors and digital channels. It currently manages 126 mutual fund schemes spanning equity, debt, ETFs, index funds, arbitrage funds, liquid funds, overnight funds and fund of funds, alongside portfolio management services, alternative investment funds and advisory mandates.
ICICI Prudential AMC, meanwhile, reported revenue of Rs 4,682.78 crore and a Return on Net Worth (RoNW) of 82.80% for the financial year ended March 31, 2025, according to the peer comparison disclosed in SBI Funds Management’s DRHP. The company has also recommended a final dividend of Rs 12.40 per equity share for the financial year ended March 31, 2026, underscoring its track record of profitability and shareholder distributions.
Conclusion
The comparison between the two companies presents two distinct strengths.
SBI Funds Management, the country’s largest mutual fund QAAUM boasts of leadership across passive investing, portfolio management services and specialised investment funds, along with one of the widest distribution networks in the industry.
ICICI Prudential AMC, on the other hand, continues to distinguish itself through stronger profitability, a higher RoNW of 82.80% for FY25, higher reported revenue among listed peers for FY25, and an established dividend payout track record, including the proposed Rs 12.40 per share final dividend for FY26.
As SBI Funds Management prepares for its market debut, these metrics are likely to remain the key points of comparison between India’s largest unlisted asset manager and one of the country’s leading listed AMC players.
Disclaimer: The details regarding the upcoming SBI Funds Management IPO, including structure, financial metrics, and comparisons with listed peers like ICICI Prudential AMC, are for informational and educational purposes only. This coverage does not constitute an offer, solicitation, or recommendation to subscribe to the IPO or buy, sell, or hold any specific securities. Initial Public Offerings involve a high degree of market risk, and past performance or peer ratios do not guarantee future returns; readers should consult a SEBI-registered investment advisor and thoroughly read the Draft Red Herring Prospectus (DRHP) before making any investment decisions.
This disclaimer has been generated using AI to support user well-being and responsible content consumption.