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Chandigarh: The State Bank of India (SBI), the country’s largest lender, has announced plans to divest 3,20,60,000 equity shares, representing 6.3007% of the total equity capital of its mutual fund arm, SBI Funds Management Limited (SBIFML), through an Initial Public Offering (IPO). The move is subject to obtaining necessary regulatory approvals.
Alongside SBI, Amundi India Holding, the joint promoter of SBIFML, will divest 1,88,30,000 equity shares, equivalent to 3.7006% of SBIFML’s total equity. Together, both promoters will offload a combined 10.0013% stake, amounting to 5,08,90,000 shares through the proposed IPO, which is expected to be completed in 2026.
SBI Mutual Fund’s Legacy and Market Position
Established in 1987, SBI Mutual Fund was India’s first non-UTI mutual fund, sponsored by SBI. In 1992, SBI incorporated SBI Funds Management Limited as a wholly owned subsidiary to serve as the investment manager for SBI Mutual Fund. Over the decades, SBIFML has evolved into a market leader, offering investment solutions across asset classes.
As of September 30, 2025, SBIFML holds the position of India’s largest asset management company, commanding a 15.55% market share with Quarterly Average Assets Under Management (QAAUM) of ₹11.99 trillion for Q2 FY2025-26, and ₹16.32 trillion in alternate assets.
Currently, SBI and Amundi India Holding hold 61.91% and 36.36% stakes, respectively, in SBIFML.
Leadership Comments
Shri Challa Sreenivasulu Setty, Chairman of SBI, stated that the IPO marks another milestone for SBI’s group of listed subsidiaries.
“SBI Funds Management Limited will be the third subsidiary of SBI to be listed after SBI Cards and SBI Life Insurance. Given SBIFML’s sustained strong performance and leadership, this is an opportune time to initiate the IPO. Apart from maximizing value for existing stakeholders, the listing will broaden market participation and enhance visibility for the company,” he said.
Valérie Baudson, CEO of Amundi, highlighted the partnership’s success in India’s fast-growing financial landscape.
“SBI Funds Management has become a leader in India’s asset management industry by leveraging SBI’s distribution strength and Amundi’s global expertise. This IPO will unlock the value jointly created by both partners while reinforcing our long-term commitment to India’s expanding market,” she said.
Significance of the Listing
Once completed, SBIFML will become the third listed subsidiary of SBI, following SBI Cards and SBI Life Insurance. The proposed IPO will not only enable value unlocking for SBI and Amundi but also allow retail and institutional investors to participate in India’s rapidly expanding mutual fund industry.
Market experts view the move as part of SBI’s strategic efforts to monetize assets and enhance shareholder value while maintaining control over its high-performing subsidiaries.
SBIFML
SBI Funds Management Limited has a vast footprint across India with a wide investor base, offering a range of mutual fund products — from equity and debt schemes to hybrid and exchange-traded funds (ETFs). The company also manages offshore funds and alternative investment vehicles, reinforcing its global reach.
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