SBI Mutual Fund IPO: India's Biggest AMC Listing To Seek Over Rs 1 Lakh Crore Valuation | Profit Exclusive

India's largest public sector lender State Bank of India is targeting to list its mutual funds business on the country's bourses before the end of March 2026 at a valuation of over Rs 1 lakh crore, people aware of the matter told NDTV Profit.

SBI Funds Management Ltd., a joint venture between State Bank of India and Amundi — Europe’s largest asset management firm — is working on getting listed before the end of fiscal 2026, through a mix of primary issue and a stake sale, one of the abovementioned people explained on the condition of anonymity.

Amundi, which currently holds about 36.4% stake through a subsidiary, is said to be unwilling to participate in any stake sale through the offer for sale. The Paris-based JV partner is likely holding on to its stake as it does not see an IPO to be value accretive for its investment, another person said.

Highly placed sources within the SBI group said that the company is trying to get a valuation of over Rs 1 lakh crore for its offer since recent regulations mandate only a 2.75% stake dilution for firms with market capitalisation between Rs 1 lakh crore and Rs 5 lakh crore.

To add some context, for companies in the abovementioned bracket, SEBI has raised the minimum public offer requirement to Rs 6,250 crore, or 2.75% of post-issue market cap, whichever is higher, compared to the earlier Rs 5,000 crore and 5% requirement.

SBI is also planning to space out the IPO of the mutual funds business to the end of the current fiscal owing to concerns of excess liquidity, NDTV Profit has learnt.

The lender raised Rs 25,000 crore in July this year through a qualified institutional placement, and wanted to space out the IPO to let the market absorb existing liquidity, one of the sources told NDTV Profit.

In August, SBI Chairman C S Setty had said that SBI General Insurance and SBI Mutual Fund were under consideration for public listing, though no specific timeline or valuations were announced at that time.

Currently, discussions are underway and no merchant banks have been invited for pitches. The details for the offer might change, going ahead, all the sources mentioned above added.

NDTV Profit has reached out to SBI and SBI Funds Management for comments on the story.

SBI currently holds 61.9% stake in SBI Funds, while Amundi holds 36.36%. Other stakeholders own 1.74% stake in the company.

Established in 1992, the company offers financial services including mutual funds, portfolio management services, offshore funds, alternative investment funds, and offerings through GIFT City.

Initially Amundi India Holding’s stake was held by Societe Generale S.A, which was transferred to Amundi in June 2011.

As per the company's 2025 annual report, it is the largest asset manager in India, managing over Rs 26 lakh crore across investment vehicles.

In the 2025 fiscal, SBI Mutual Fund became the first fund house to cross Rs 10 lakh crore in assets under management. In the same year, the Fund got about 9% of industry market share of the new net-funds flow and added more than 62 lakh new investors.

The company's shares are traded in the unlisted market and sell for around Rs 2,700 apiece, according to brokers aware of the matter.