Primary market activity is set to gather momentum with SBI Funds Management Ltd announcing the launch of its maiden initial public offering (IPO), scheduled to open for subscription from July 14 to July 16. The company has fixed the price band at Rs 545-574 per equity share, while the anchor investor portion will open on July 13. The IPO is entirely an offer-for-sale of up to 203.71 million equity shares, valuing the issue at around Rs 11,102 crore at the lower price band and Rs 11,692 crore at the upper end. Investors can bid for a minimum of 26 equity shares and in multiples thereafter. Market participants are closely tracking the offering as SBI Funds Management, incorporated in 1992, is India’s largest asset management company by quarterly average assets under management (QAAUM). As of March 31, 2026, it managed mutual fund assets worth Rs 12.51 lakh crore with a 15.3 per cent market share, while its total QAAUM, including portfolio management services and advisory mandates, stood at Rs 29.46 lakh crore. The company also leads India’s passive fund segment with ETF and index fund assets of Rs 4.06 lakh crore, accounting for a 27.9 per cent market share.
Between March 2024 and March 2026, total QAAUM grew at a CAGR of 14.22 per cent, while mutual fund QAAUM and equity-oriented assets recorded CAGRs of 16.97 per cent and 21.79 per cent, respectively. The company received SEBI approval to manage SBI Mutual Fund in 1993 and later became a joint venture following SociétéGénérale Asset Management’s investment in 2004. After the merger of CréditAgricole’s and SociétéGénérale’s asset management businesses in 2011, Amundi India Holding acquired the stake and continues as a promoter alongside State Bank of India and Amundi Asset Management.In Guwahati, the IPO is expected to draw considerable attention from retail investors, distributors and financial advisors amid rising participation in mutual funds and equity investing across Assam and the Northeast. Brokerage firms believe the strong SBI brand, market leadership and long-term growth profile of the asset manager could encourage healthy subscription from investors in the region, particularly those seeking exposure to India’s expanding asset management industry.
Kotak Mahindra Capital Company, Axis Capital, BofA Securities India, HSBC Securities and Capital Markets (India), ICICI Securities, Jefferies India, JM Financial, MotilalOswal Investment Advisors and SBI Capital Markets are managing the issue as book-running lead managers, while KFin Technologies is the registrar. The book-built issue reserves up to 50 per cent for qualified institutional buyers, at least 15 per cent for non-institutional investors and at least 35 per cent for retail investors. Reservations have also been made for eligible SBI shareholders, SBI Funds Management employees and SBI employees, with eligible employees receiving a discount of Rs 54 per equity share.
