India’s largest asset management company is set to launch its much-awaited IPO, which is expected to remain open for subscription from July 13 to July 16, 2026. The issue comprises a complete Offer for Sale (OFS) of 20.37 crore shares, with promoters State Bank of India and Amundi Asset Management reducing their holdings. The IPO is expected to raise around ₹11,400 crore (approximately $1.2 billion), with the price band likely to be fixed between ₹545 and ₹575 per share. The company’s shares are proposed to be listed on both the BSE and NSE.
About SBI Mutual Fund
SBI Funds Management Limited was incorporated in 1992 and received SEBI's approval to manage SBI Mutual Fund in 1993. It became a joint venture in 2004 and is currently promoted by State Bank of India (SBI) and Amundi Asset Management, Europe's largest asset manager. The partnership combines SBI's extensive domestic reach with Amundi's global investment expertise.
As of December 31, 2025, the company served 16.05 million investors and managed 126 mutual fund schemes across equity, debt, ETFs, index funds, arbitrage, liquid, overnight, and overseas fund of funds. It also offers Portfolio Management Services (PMS), Alternative Investment Funds (AIFs), Specialized Investment Funds (SIFs), and advisory services.
Beyond India, the company manages India-focused mandates for overseas investors, oversees UCITS funds through the Amundi Group, and facilitates international investing for Indian investors. As of December 31, 2025, its domestic international funds had US$1.17 billion invested overseas.
Industry Outlook
- The Indian mutual fund industry's assets under management (AUM) reached ₹81.58 lakh crore as of May 31, 2026, growing nearly six-fold from ₹13.82 lakh crore in May 2016.
- The industry's AUM has increased from ₹33.06 lakh crore in May 2021 to ₹81.58 lakh crore in May 2026, reflecting nearly three-fold growth in five years.
- The mutual fund industry has steadily expanded, crossing ₹10 lakh crore in 2014, ₹20 lakh crore in 2017, ₹30 lakh crore in 2020, and ₹80 lakh crore in 2026, highlighting sustained investor participation.
- The industry had 27.66 crore mutual fund folios as of May 31, 2026, with 21.10 crore folios in equity, hybrid, and solution-oriented schemes, indicating strong retail investor participation.
- The industry's Average Assets Under Management (AAUM) stood at ₹83.47 lakh crore in May 2026, reflecting stable inflows and continued growth in managed assets.
SBI Mutual Fund IPO Objectives
Unlike a fresh issue, the IPO is not being used to raise capital for business expansion, debt repayment, acquisitions, or working capital requirements. This will only allow the promoter selling shareholders to partially or fully monetize their shareholding by selling their existing shares to the public. The company's capital structure remains unchanged, except for the change in shareholding pattern.
Financial Performance of SBI Mutual Fund
| Particulars (₹ Crore) | 31 Dec 2025 | 31 Mar 2025 | 31 Mar 2024 |
| Assets | 7,824.71 | 8,771.86 | 7,106.93 |
| Total Income | 3,883.24 | 4,236.15 | 3,426.08 |
| Profit After Tax (PAT) | 2,432.91 | 2,540.15 | 2,072.79 |
| EBITDA | 3,186.56 | 3,412.94 | 2,718.82 |
SBI Mutual Fund Peer Comparison
| Company | Revenue from Operations (₹ Million) | P/E Ratio | RoNW (%) | NAV per Share (₹) |
| SBI Mutual Fund | 35,977.57 | To be updated | 33.77 | 40.85 |
| ICICI Prudential Asset Management | 46,827.80 | 53.73 | 82.80 | 71.20 |
| HDFC Asset Management | 34,984.40 | 41.50 | 32.36 | 189.82 |
| Nippon Life India Asset Management | 22,306.90 | 41.12 | 31.39 | 66.38 |
| Aditya Birla Sun Life Asset Management | 16,847.80 | 28.99 | 26.99 | 129.19 |
| UTI Asset Management | 18,510.90 | 16.68 | 16.28 | 359.37 |
Strengths and Opportunities for SBI Mutual Funds IPO
- The company is India's largest asset management company by mutual fund QAAUM, with a 15.4% market share as of December 31, 2025, providing significant scale and operating leverage.
- It has the lowest operating expense ratio (0.08% of QAAUM) among the top 10 AMCs in FY25, reflecting efficient operations and strong profitability.
- The company holds a 39% market share in the PMS segment and a 61% market share in the Specialized Investment Fund (SIF) segment, strengthening its institutional asset management business.
- It commands a 16.09% market share by live SIP count, with 15.76 million live SIPs and a 12.78% share of industry SIP inflows, indicating strong customer engagement and recurring inflows.
- Backed by State Bank of India, the company benefits from access to 96+ million YONO users, 245 international touchpoints across 29 countries, and a trusted brand that supports customer acquisition.
- The company has 70 investment professionals with an average industry experience of 17.87 years and a low fund manager attrition rate, supporting consistent investment performance.
- Its AUM is sourced through multiple channels, including SBI, direct investments, and third-party distributors, reducing dependence on any single distribution channel.
- Around 94.29% of transactions were executed digitally during the nine months ended December 31, 2025. The company processes 1.12 million transactions every month and operates on an ISO/IEC 27001:2022-certified technology platform, ensuring scalability and security.
Risks and Threats for SBI Mutual Funds IPO
- Over 95% of revenue comes from management fees. Any decline in the company's ₹29.04 lakh crore QAAUM (as of Dec. 31, 2025) could significantly impact earnings.
- Equity and equity-oriented funds account for ₹5.38 lakh crore (42.9%) of mutual fund QAAUM, making earnings sensitive to stock market corrections.
- The top 5 mutual fund schemes contribute 43.41% of mutual fund QAAUM, while the top 10 account for 59.95%, increasing concentration risk.
- Nearly 48.47% of mutual fund revenue is generated by the company's top 10 schemes, making performance of these funds critical.
- The company manages 15.76 million live SIPs with an active SIP value of ₹4,010 crore. Lower SIP persistence or higher redemptions could reduce recurring inflows.
- Debt and debt-hybrid schemes account for ₹1.77 lakh crore (14.13%) of mutual fund QAAUM. Large redemption requests during stressed markets could impact liquidity.
- New SEBI Mutual Fund Regulations, 2026 introduce lower expense ratio caps and a Base Expense Ratio framework, which may reduce management fee income and profitability.
- As of December 31, 2025, 15.2% of mutual fund QAAUM (₹1.22 lakh crore) was in schemes ranked in the bottom quartile over a three-year period, which could lead to higher investor redemptions and slower AUM growth.
SBI Mutual Fund IPO Reservation
| Investor Category | Allocation |
| Qualified Institutional Buyers (QIBs) | Not more than 50% of the Offer |
| Retail Individual Investors (RIIs) | Not less than 35% of the Offer |
| Non-Institutional Investors (NIIs) | Not less than 15% of the Offer |
SBI Mutual Fund IPO Promoter Holding
The promoters of the company are as follows: State Bank of India, Amundi India Holding and Amundi Asset Management.
| Shareholding | Pre-IPO | Post-IPO |
| Promoter Holding | 98.02% | — |
SBI Mutual Fund IPO Registrar and Lead Managers
SBI Mutual Fund IPO Lead Managers
- Kotak Mahindra Capital Co. Ltd.
- Axis Capital Ltd.
- BofA Securities India Ltd.
- HSBC Securities & Capital Markets (India) Pvt. Ltd.
- ICICI Securities Ltd.
- Jefferies India Pvt. Ltd.
- JM Financial Ltd.
- Motilal Oswal Investment Advisors Ltd.
- SBI Capital Markets Ltd.
Registrar for SBI Mutual Fund
- Name: Kfin Technologies Ltd.
- Phone: 040-79615565
- Email: sbifml.ipo@kfintech.com
How To Check the Allotment Status of the SBI Mutual Fund IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Don't miss the next investment opportunity - browse the upcoming IPO on Angel One.
How To Apply for SBI Mutual Fund IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the NSE IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of SBI Mutual Fund IPO
- Address: 9 th Floor, Crescenzo, C – 38 & 39, G Block, Bandra Kurla Complex, Bandra (East), Mumbai, Maharashtra, 400051
- Phone: +91 22 6179 3000
- Email ID: companysecretary@sbimf.com
