Under the proposed public issue, Amundi India Holding will offload 7.53 crore equity shares, equivalent to 3.7% of SBI Funds Management.
Based on the company’s expected valuation of around ₹1.17 lakh crore, the transaction could fetch the French asset manager between ₹4,330 crore and ₹4,400 crore, making it one of the most successful long-term investments by a global fund house in India’s mutual fund industry.
However, Amundi is only trimming its stake and not exiting the business. After the IPO, it will continue to own 32.56% of SBI Funds Management, remaining the second-largest shareholder alongside its long-standing partner, State Bank of India (SBI).
The DRHP indicates that Amundi’s weighted average acquisition cost stands at ₹4.35 per share, while SBI’s acquisition cost is lower at ₹0.15 per share.
IPO structure
The IPO is entirely an Offer for Sale (OFS) comprising 20.37 crore equity shares, representing 10% of the company’s equity capital. Since there is no fresh issue, SBI Funds Management will not receive any proceeds from the offering.
SBI will sell 12.83 crore shares, or 6.3% of the company, while Amundi India Holding will divest 7.53 crore shares, accounting for the remaining 3.7%.
At the expected valuation, SBI could raise around ₹7,370 crore, while Amundi’s stake sale is estimated at about ₹4,330 crore, taking the total issue size to nearly ₹11,700 crore.
After the listing, SBI’s ownership will reduce to 55.46%, while Amundi’s stake will stand at 32.56%.
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Key IPO dates
Anchor book opens: July 13
IPO opens: July 14
IPO closes: July 16
Basis of allotment: July 17
Refunds and demat credit: July 20
Expected listing: July 21, 2026
About SBI Funds Management
SBI Funds Management is India’s largest asset management company, managing ₹12.5 lakh crore in mutual fund assets with a 15.3% market share.
The company is a joint venture between State Bank of India and Amundi, one of Europe’s largest asset managers.
It is also the fastest-growing among the top asset managers in beyond-top-30 (B30) cities, where it commands a 19.2% market share.
Its Systematic Investment Plan (SIP) franchise accounts for 12.78% of industry SIP inflows as of December 31, 2025. The AMC also enjoys strong customer retention, with 15.4 million of its 15.76 million live SIP accounts remaining active for over 37 months.
Beyond mutual funds, SBI Funds Management oversees one of India’s largest Portfolio Management Services (PMS) businesses with assets worth ₹16.88 lakh crore, more than 90% of which comes from provident fund and EPFO mandates. It also manages Alternative Investment Fund (AIF) assets of ₹6,565 crore.
The company operates with one of the lowest operating expense ratios among India’s top 10 AMCs and has a team of 70 investment professionals, averaging around nine years of experience.
