India's largest asset manager, SBI Funds ​Management, has filed a draft red herring prospectus for ‌an initial public offering, according to a regulatory filing on the BSE on Thursday.In the proposed offer, existing investors State ​Bank of India and Amundi will be off-loading a total of 20 crore equity shares of face value of Re 1 each, representing up to 10% ​stake in the asset manager. "Initial public offering of up to 203,709,239 equity shares of face value of Rs. 1 (one) each ('Equity Shares'), representing up to 10.0013% of its paid-up equity share capital for cash," the filing highlighted.In its second attempt to list the entity, India's largest lender SBI will reportedly sell a 6.3% stake (approximately 12.8 crore equity shares) , while Europe's biggest fund manager, Amundi, will sell a 3.7% ​stake.Earlier media reports had estimated that SBI Funds ​Management could raise up to $15 billion. SBI Q3 FY26 HighlightsSBI reported a net profit of Rs 21,028 crore in the December quarter of the financial year ending March 2026, representing a 24.5% jump from a year-ago period and beating the Street estimate of Rs 17,809 crore. It was a strong quarter for the lender, with profit and asset quality metrics beating estimates while sequential provisioning came down. Net interest margins, at 3%, were in line with street estimates.ALSO READ: SBI Q3 Results: Net Profit Soars 24.5%, NII Up 9% YoY; Asset Quality ImprovesThe bank's Net Interest Income (NII) registered growth of 9% on a year-on-year basis, reaching Rs 45,190 crore. This is a slight beat compared to the Street estimate of Rs 44,970 crore. On the asset quality front, the bank showed significant improvement. The Gross Non-Performing Assets (NPA) ratio improved to 1.57% from 1.73% in the previous quarter, while net NPA improved from 0.42% to 0.39% during the same period.SBI Share PriceSBI's stock ended nearly 2% lower at Rs 1,048.90 apiece on the NSE on Thursday. This compares to a 3.36% decline in the Nifty index. The stock has risen 6.79% year-to-date and 40.77% in the last 12 months.