State Bank of India (SBI) and Amundi have jointly initiated an Initial Public Offering (IPO) of SBI Funds Management Limited (SBIFM). The listing is expected on Indian stock exchanges in 2026, subject to regulatory approval and market conditions.
Founded in 1992, SBIFM is currently owned by SBI (61.9%), Amundi (36.4%), and other stakeholders including Employee Stock Ownership Programs. The company is a leader in the Indian asset management industry, holding a market share above 15.5% in mutual funds and total assets under management of INR 28.31 trillion (€269 billion).
At the IPO, 10% of SBIFM’s capital will be offered for sale, with 6.3% sold by SBI and 3.7% by Amundi, marking a significant milestone for the Indian mutual fund sector.
Valérie Baudson, Chief Executive Officer of Amundi, commented, “Over the years, SBI Funds Management Limited has established itself as the leader in India’s asset management industry. It has grown successfully, leveraging on the powerful distribution capacity of SBI’s network in India, combined with Amundi’s global expertise in asset management. This IPO will allow to unlock the value jointly created by SBI and Amundi, which will continue their long-term partnership in a fast-growing Indian market that presents significant development potential.”
SBI Chairman, Shri Challa Sreenivasulu Setty said, “SBI Funds Management Limited will be the third subsidiary of SBI to be listed after SBI Cards and SBI Life Insurance. Considering SBIFM’s sustained strong performance and market leadership over the years, it is considered an opportune time to launch the IPO process. Apart from maximizing value realization for the existing stakeholders, the IPO will create opportunities for the general shareholders, broaden market participation and lead to increased awareness of products to a wider set of potential investors. This will further enhance the public visibility of the Company, thereby reinforcing its position as a leading player in the asset management industry”.
