: State Bank of India, the country’s largest lender, plans to sell a 6 per cent or 3.20 crore share in its subsidiary SBI Fund Management through an Initial Public Offering (IPO).
Amundi India Holding, the other promoter of SBIFML, will divest 3.70 per cent, or 1.88 crore, of its equity shares.
Both the promoters of SBIFML have jointly initiated the IPO, which will be completed this year, said SBI.
The IPO framework agreement is expected to be executed on Monday.
This will be SBI’s second attempt to list its MF arm on the stock exchange. In December 2021, it announced plans for an IPO of its MF subsidiary to raise about ₹8,500 crore, but the plans were shelved after markets turned volatile.
SBI Mutual Fund, the largest asset management company in the country, with a market share of 15.55 per cent, manages Quarterly Average Assets Under Management of ₹11.99 lakh crore across various schemes. It has an AUM of ₹16.32 lakh crore under Alternates as of September-end.
SBI Funds Management was established in 1987 with SBI as the sponsor and was the first non-UTI mutual fund in India.
In the year 1992, SBI Funds Management was incorporated as a wholly owned subsidiary of SBI as Investment Manager for SBI Mutual Funds to provide investment solutions across different asset classes.
Presently, SBI and Amundi India Holding hold 62 per cent and 36 per cent stakes in SBIFML, respectively.
Challa Sreenivasulu Setty, Chairman, SBI, said the mutual fund arm will be the third subsidiary of SBI to be listed after SBI Cards and SBI Life Insurance.
Apart from maximising value realisation for existing stakeholders, the IPO will create opportunities for general shareholders, broaden market participation, and increase product awareness among a wider set of potential investors, he said.
SBI Life was listed in 2017. In an ₹8,400-crore share sale, the IPO was oversubscribed 3.58 times. SBI Card was listed in March 2020, just before the outbreak of the Covid pandemic, in a ₹10,354-crore public issue.
Valerie Baudson, Chief Executive Officer, Amundi said over the years, SBI Funds Management has established itself as the leader in India’s asset management industry. It has grown successfully, leveraging SBI’s powerful distribution network in India and Amundi’s global expertise in asset management, he said.
The IPO will unlock the value jointly created by SBI and Amundi, which will continue their successful long-term partnership in a fast-growing Indian market that presents significant development potential, he added.
Published on November 6, 2025
