As per Bloomberg reports, SBI Funds Management Ltd., co-owned by State Bank of India and Amundi, has initiated preparations for a public listing expected to raise approximately $1.4 billion.
The company has appointed major domestic and global banks to manage the initial public offering process.
SBI Funds Management has selected 9 financial institutions to manage its proposed initial public offering, which is scheduled for the first half of 2026. Among the appointed firms are Kotak Mahindra Capital, Axis Bank, SBI Capital Markets, Motilal Oswal Investment Advisors, ICICI Securities, JM Financial, and the Indian divisions of Citigroup, HSBC Holdings, and Bank of America.
The IPO is expected to fetch $1.4 billion, valuing the asset manager at approximately $14 billion. This offering will involve a combined 10% stake sale by joint owners State Bank of India and Amundi SA.
The IPO decision follows ICICI Prudential Asset Management's successful listing, which concluded last month with a capital raise of $1.2 billion.
That IPO was subscribed over 39 times. With both companies now valued at about $14 billion, attention has turned to the broader asset management sector’s public participation.
Read More: HDFC AMC and IFC Tie-Up to Expand Private Credit for India’s Mid-Market Enterprises!
According to data compiled by Bloomberg, India’s IPO market raised $22.36 billion in 2025, surpassing the prior record of $21 billion set in 2024. The increased activity reflects broader investor participation and multiple high-profile listings throughout the financial year.
SBI Funds Management’s IPO will contribute further to this trend of public listings in the financial services sector. Discussions regarding final terms are still ongoing, and the structure of the offering may change prior to launch.
SBI Funds Management's appointment of Citi, HSBC, and 7 other firms marks a significant step toward its $1.4 billion IPO. The move aligns with increased listing activity observed in the Indian asset management space during 2025.
Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Jan 5, 2026, 4:13 PM IST
Team Angel One
We're Live on WhatsApp! Join our channel for market insights & updates
Get the link to download the App
