SBI Funds Management, one of India's largest asset management companies by quarterly average assets, will list on the BSE and NSE on July 21, following a Rs. 11,693-crore initial public offering. The issue opens for subscription on July 14 and closes on July 16, with a price band of Rs. 545-574 per share, valuing the company at approximately Rs. 1.17 lakh crore post-listing.
The entire issue is structured as an offer for sale, meaning no fresh shares are being issued; existing promoters State Bank of India and Amundi India Holding are together offloading up to 20.39 crore shares, equivalent to a combined 10% stake. Anchor investor bidding begins a day earlier, on July 13. Allotment is expected to be finalised on July 17-18, with refunds and share credits scheduled for July 20, just ahead of the listing.
| Event | Date |
|---|---|
| Anchor Investor Bidding | July 13, 2026 |
| IPO Opens | July 14, 2026 |
| IPO Closes | July 16, 2026 |
| Allotment Finalisation | July 17–18, 2026 |
| Refunds / Share Credit | July 20, 2026 |
| Listing on BSE & NSE | July 21, 2026 |
The existing SBI shareholders will have a unique category of reservation. The bank has reserved about 1.3 crore shares that cost close to Rs 750 crore for the existing shareholders. This is about 6.41% of the entire offering of SBI. Investors must hold the SBI shares in their demat accounts up to the IPO’s record date. They will not be able to take part in the category if they bought SBI shares after that date.
Unlike other IPOs, there is no price discount for SBI shareholders, but eligible SBI employees have been allotted shares worth about Rs. 170 crore at a discount of Rs. 54 per share. The allotment will include 50% for the qualified institutional buyers, 35% for retail investors, and 15% for non-institutional investors.
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SBI Funds Management accounted for 15.4% market share in mutual funds till December 2025, and had Rs. 12,49,970 crore worth of average assets under management every quarter. The company's income has increased from Rs. 3,426 crore in FY24 to Rs. 4,236 crore in FY25, while its profit after tax has risen from Rs. 2,073 crore to Rs. 2,540 crore, indicating an approximate 17% increase in income and 21% in profit after tax. The Initial Public Offering has received support from well-known investors like ADIA and GIC.
The listing represents a huge gain for SBI from an investment made in the firm by the bank a few decades ago - when SBI acquired a 61.73% equity stake in SBI Funds Management at a weighted average cost of just Rs. 0.15 per share, which is now valued at about Rs. 68,670 crore.
With strong institutional interest and the company's market leadership, the listing will be closely watched as a key indicator of investor confidence in India's asset management sector.