SBI Funds Management Limited (SBIFML), India's largest asset management company by mutual fund assets, has set a price band of Rs 545- Rs 574 per share for its IPO — the biggest public issue of 2026 so far. The issue opens for subscription on July 14 and closes July 16. At the upper end of the price band, the company will carry a market capitalisation of nearly Rs 1.17 lakh crore.
The IPO is a pure offer for sale of up to 20.37 crore shares, aggregating to Rs 11,692.91 crore at the upper end of the price band. There is no fresh issue — the company will not receive any proceeds from the offering. SBI is selling up to 12.83 crore shares, while Amundi India Holding is selling up to 7.54 crore shares. Following the IPO, SBI's holding in SBIFML is expected to decline from 98.19% to 88.19%.
Separately, ahead of the IPO, SBI sold 2.88 crore shares at ₹574 per share in a pre-IPO transaction worth approximately Rs 1,655 crore, divesting a 1.4% stake. SBI currently owns 126 crore shares, or 61.86% of the company.
Issue Details And Timeline
- Price band: Rs 545 - Rs 574 per share
- Lot size: 26 shares
- Minimum retail application: Rs 14,924 (at upper end of price band)
- Anchor investor book: July 13, 2026
- Subscription window: July 14 - 16, 2026
- Basis of allotment: July 17, 2026
- Refunds and demat credit: July 20, 2026
Allocation Breakdown
- Qualified institutional buyers (QIBs): 50%
- Large HNIs (non-institutional): 10%
- Small HNIs (non-institutional): 5%
- Retail individual bidders: 35%
SBI shareholders get a separate reserved quota of up to 1.30 crore shares worth approximately Rs 750 crore at the upper price band. There is no price discount for SBI shareholders. Eligible SBIFML and SBI employees have Rs 170 crore worth of shares reserved and will receive a discount of Rs 54 per share on the offer price.
The SBI Brand Factor
The "SBI" brand is central to the company's distribution and investor trust. SBIFML distributes through SBI's 22,000+ branches. The DRHP flags that any adverse regulatory or reputational event involving SBI or its group entities — including Yes Bank, which is a Group Company with a pending SEBI penalty matter of Rs 25 crore currently before the Supreme Court — could affect investor confidence in SBI Mutual Fund schemes even if SBIFML is not directly involved.
New Product: Specialised Investment Fund
In October 2025, SBIFML launched Magnum SIF under SEBI's new Specialised Investment Fund framework. It captured 28.2% of total industry SIF AUM within months of launch, with SIF assets of ₹2,995 crore as of March 2026 out of a total industry SIF AUM of ₹10,620 crore.
Book Running Lead Managers
Nine BRLMs: Kotak Mahindra Capital, Axis Capital, BofA Securities India, HSBC Securities and Capital Markets (India), ICICI Securities, Jefferies India, JM Financial, Motilal Oswal Investment Advisors and SBI Capital Markets.
SBI Capital Markets is an associate of both SBI Mutual Fund and SBI — the selling shareholder — a conflict of interest disclosed under SEBI's Merchant Bankers Regulations.
What The Company Does
SBI Funds Management manages mutual funds, portfolio management services, alternative investment funds and offshore funds under the SBI Mutual Fund brand. It is a joint venture between State Bank of India (61.86%) and Amundi — Europe's largest asset manager — which holds 36.33% through Amundi India Holding.
As of March 31, 2026, SBIFML managed a total quarterly average AUM of Rs 29.46 lakh crore across all its businesses. It had 18 million unique investors and 16.21 million live SIPs as of March 31, 2026.
Revenue from operations grew from Rs 2,690.56 crore in FY24 to Rs 3,597.76 crore in FY25 to Rs 4,389.49 crore in FY26. Profit after tax grew from Rs 2,072.79 crore in FY24 to Rs 2,540.15 crore in FY25 to Rs 3,067.38 crore in FY26.
Return on equity was 43.02% in FY26. The company is profitable and filing under Regulation 6(1) of SEBI's ICDR Regulations, which covers companies meeting standard profitability thresholds.
In November–December 2025, the company did a 3:1 bonus issue — three new shares for every one held. Dividend per share in FY26 was Rs 9.60 post-bonus (equivalent to Rs 70 pre-bonus). In FY25 it was Rs 22 per share; in FY24, Rs 4 per share.
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