Chairman of State Bank of India Challa Sreenivasulu Setty with Managing Director & CEO of SBI Funds Management Ltd Debasish Mishra, and others during the listing ceremony of the SBI–Amundi India Opportunity Fund at the National Stock Exchange (NSE), Bandra Kurla Complex (BKC), in Mumbai on Tuesday, July 21, 2026/
| Photo Credit:
ANI
India’s largest mutual fund house, SBI Funds Management, made a steady stock market debut on Tuesday, listing at a premium before giving up part of its early gains as investors locked in profits.
The stock closed at ₹609.75 on the NSE, down 0.58 per cent from its listing price of ₹613.30. It made its debut at a 6.84 per cent premium over its IPO price of ₹574 and climbed to an intraday high of ₹624.80. The fund house ended the day with a market capitalisation of about ₹1.24 lakh crore.
The listing follows the ₹9,812.91-crore initial public offering, which was subscribed 41.66 times, thanks to the strong demand from institutional investors, retail investors, shareholders and employees.
Management outlines long-term growth strategy
Speaking at the listing ceremony, C.S. Setty, Chairman of State Bank of India and SBI Funds Management, said, “As a listed company, SBI Funds enters a new phase of responsibility and accountability. Guided by the highest standards of governance and transparency, we remain committed to creating long-term value for our shareholders while helping millions of Indians achieve their financial aspirations through disciplined investing.”
He said that the company, backed by the partnership between SBI and French asset manager Amundi, is well placed to deepen investor participation and expand access to investment products.
Nicolas Calcoen, Deputy CEO of Amundi, said the French asset manager remains committed to its partnership with SBI and sees significant long-term growth opportunities in India. “Our priority is straightforward, to continue the journey and sustain growth,” Calcoen said. “Retail participation in investment products continues to increase. Demand for retirement and long-term savings solutions is growing. International investors are also showing increasing interest in India.”
Promoters to meet SEBI shareholding norms over time
On SBI’s shareholding, Setty said, “At this moment, we are not looking for any more dilution,” adding that any future stake sale would only be to comply with SEBI’s minimum public shareholding norms.
The IPO was an entirely offer-for-sale, with no fresh issue of shares. Following the issue, SBI holds a little over 55 per cent in the company, while Amundi owns about 32.5 per cent. Together, the promoters hold around 88 per cent, which will have to be reduced to 75 per cent over time to meet SEBI’s minimum public shareholding requirements.
Brokerages bullish on long-term prospects
The fund house manages an average of ₹12.6 lakh crore in assets under management and has a market share of over 15 per cent, making SBI Funds Management the country’s largest asset manager.
SBI Mutual Fund has significantly diversified its distribution beyond the bank’s own network over the years, Setty said. “The focus is to go even deeper beyond the top 30 centres and make investing an integral part of the savings journey for SBI customers,” he said.
Brokerages remain positive on the company’s long-term prospects. Equirus Securities has initiated coverage with a ‘Long’ rating and a target price of ₹675, while Emkay Global has a ‘Buy’ rating and a target price of ₹750, citing SBI Funds Management’s market leadership, extensive distribution through SBI and the long-term shift of household savings towards mutual funds.
Published on July 21, 2026