SBI Mutual Fund, the country’s largest asset manager, has received Sebi’s nod for its proposed initial public offering, paving the way for a share sale worth about Rs 13,000 crore, PTI reported, citing a person aware of the development.The IPO, for which draft papers were filed in March, is an offer for sale (OFS) of up to Rs 20.37 lakh crore equity shares and does not include any fresh issue component.The proposed offer will see existing shareholders State Bank of India (SBI) and Amundi India Holding diluting a portion of their stakes in the company.According to the source, the general release is expected to be released on the market next month.SBI Funds Management Ltd (SBIFML), the investment manager of SBI Mutual Fund, is a joint venture between SBI and Paris-based Amundi.
SBI holds a 61.98% stake in the company, while Amundi holds 36.40%.The listing will bring India’s largest mutual fund to the stock market at a time when the asset management industry continues to benefit from rising retail participation, record SIP inflows and growing funding of household savings.As of December 2025, SBI’s investment fund managed a quarterly average assets under management (QAAUM) of nearly Rs 12.5 lakh crore, making it the largest fund house in the country.
Established in 1987, SBI Mutual Fund was the first mutual fund set up in India outside the erstwhile Unit Trust of India (UTI).Post the listing, SBI Funds Management will join a select group of listed asset managers, including HDFC AMC, ICICI Prudential AMC, Nippon Life India Asset Management, UTI AMC, Aditya Birla Sun Life AMC and Sriram AMC.The issue is being managed by a consortium of investment banks comprising 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.