SBI Funds Management files for IPO set to open July 14

Investing.com -- State Bank of India announced Wednesday that its asset management joint venture, SBI Funds Management, filed a red herring prospectus for its initial public offering.

The IPO consists of an offer to sell up to 203.7 million shares, representing approximately 10% of SBI Funds Management's paid-up equity capital. State Bank of India will sell up to 128.3 million shares, while joint venture partner Amundi India Holding will divest up to 75.4 million shares.

India's largest asset manager said that the share sale will open for public subscription on July 14 and is expected to announce the IPO price band separately. Anchor investors will bid on July 13, one day before the issue opens. The IPO is expected to close on July 16.

The offering has attracted interest from sovereign wealth funds including the Abu Dhabi Investment Authority and GIC.

The share sale is expected to start a busy second half for offerings, with companies including Reliance Jio and the National Stock Exchange of India anticipated to launch sales later this year.

SBI Funds Management oversaw assets worth 12.5 trillion rupees ($131.4 billion) as of the end of March 2026, according to its prospectus. Its valuation would compare with market capitalizations of about $12.5 billion for HDFC Asset Management Company and about $17.2 billion for ICICI Prudential Asset Management Company.

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