India’s largest asset manager SBI Fund Management plans to sell 203.7 million shares in an initial public offering.
State Bank of India and Amundi India Holding, which together hold more than 98% of the firm, will offer for sale 128.33 million shares and 75.37 million shares, respectively, according to draft documents that SBI Fund Management filed with the Securities and Exchange Board of India on March 20.
The documents do not disclose the offer price or how much the IPO is expected to raise, or the timeline for the exercise. The shares will be listed on the National Stock Exchange and the Bombay Stock Exchange.
State Bank of India holds 61.86% stake in SBI Fund Management, while Amundi India, a unit of French asset manager Amundi plc, owns 36.33%.
According to the draft documents, SBI Fund Management managed 16.22 trillion rupees (US$172 billion) of assets as of end-2025 and controlled 39% of India’s asset management market.
Its closest rival is UTI Asset Management Company, with 14.91 trillion rupees of assets under management and a 35.8% share of the market.
SBI Fund Management will become the sixth listed asset manager in India, joining ICICI Prudential Asset Management Company, HDFC Asset Management Company, Nippon Life India Asset Management, Aditya Birla Sun Life Asset Management and UTI Asset Management Company.
The book runners for the IPO are Kotak Investment Banking, Axis Capital Ltd, HSBC Securities and Capital Markets (India) Pte Ltd, Jefferies India, JM Financial Ltd, Motilal Oswal Investment Advisors and SBI Capital Markets Ltd.
