SBI AMC (SBI Funds Management Limited) is going to launch India’s biggest asset management firm (AMC) IPO, which is expected to be worth more than ₹1 lakh crore. Between January 2026 and March 2026, the IPO is projected to open. The expected price of SBI AMC offering is between ₹400 to ₹500. This is one of the most anticipated listings in India’s financial sector this year. SBI AMC is a partnership between the State Bank of India (SBI) and Amundi, a large European asset management company. It now manages assets of more than ₹26 lakh crore, making it India’s largest AMC. The registrar for this IPO is Kfin Technologies Ltd.
The particular dates for the IPO have not been made public yet, but it is scheduled to start in early 2026. The closing and listing should happen within a week of the basis of allotment. The IPO will include both new capital and an offer for sale (OFS) from current shareholders, such as SBI and Amundi. The entire amount of the deal is expected to be between ₹15,700 crore and ₹21,700 crore. SBI and Amundi seek to sell a 10% interest through the sale.
SBI AMC IPO UPDATES: January 5, 2026
SBI FUNDS MANAGEMENT : $1.2 BN IPO IN PREPARATION – ET NOW
• IPO Planning: SBI Funds Management has roped in nine global & domestic banks for its proposed $1.2 billion IPO.
• Stake Sale: Promoters State Bank of India and Amundi to offload a combined 10% stake through the IPO.
• Draft Papers Soon: DRHP likely to be filed within the current quarter, indicating IPO process entering advanced stage.
• Strong Line-up: Participation of global & domestic banks reflects strong institutional interest and deal confidence.
IMPACT: POSITIVE
Large IPO readiness improves visibility for value unlocking at SBI Funds Management and highlights strong investor appetite for India’s asset management space.
SBI AMC IPO Dates
| Event | Expected Date |
|---|---|
| IPO Opening Date | January 2026 – March 2026 |
| IPO Closing Date | 1 week after opening |
| Basis of Allotment | Within 3 working days after closure |
| Refund Initiation | Shortly after allotment |
| Listing Date | 1–2 days after allotment |
Issue Size and Market Lot
| Category | Details |
|---|---|
| Total Issue Size | ₹15,700–21,700 crore |
| Fresh Issue | To be announced |
| OFS Shares | To be announced |
| Minimum Lot Size | To be announced |
| Face Value | ₹1 per share |
Retail investors will be able to apply in minimum lots, with the exact lot size and investment amounts to be confirmed in the draft red herring prospectus (DRHP).
SBI AMC DRHP and RHP Files
| DRHP File | Coming Soon |
| RHP File | Coming Soon |
SBI AMC IPO GMP
Before its IPO filing, SBI AMC is expecting a grey market premium (GMP) of about 37%. This shows that investors are very interested in and want to buy shares in the country’s biggest asset management firm. This high GMP means that unlisted shares are trading at a big premium to the expected issue price. This shows that people have a lot of faith in SBI AMC’s market position, financial performance, and growth potential. The 37% GMP is one of the highest for recent IPOs in the financial industry. This shows how much investors are ready to pay for access to SBI AMC’s leading mutual fund business and its ability to make money in the future.
IPO Review
The SBI AMC IPO is generating strong interest among institutional investors, with anchor investors expected to participate actively. The forthcoming IPO of SBI AMC is one of the most eagerly awaited listings in the Indian financial sector. It gives investors the possibility to be part of the expansion of the country’s largest asset management company. The IPO is slated to start between December 2025 and March 2026, and it should be worth more than ₹1 lakh crore, making it one of the biggest listings in recent years.
SBI AMC is a great investment option for both retail and institutional investors since it has excellent finances, a dominant market position, and high profitability, as seen by its high EBITDA margin and return on equity. The organization is even more appealing because it has the most assets under management, a wide choice of products, and a commitment to responsible investing and new ideas. Analysts say that the IPO price may be high, but it’s fair because SBI AMC is big, strong, and has good long-term growth prospects. This makes it a fair to slightly undervalued option for conservative and long-term investors who want steady compounding returns in the AMC space.
Anchor Investors
As of December 2025, the SBI AMC IPO’s official anchor investor list is not yet complete. However, based on recent industry reports and pre-IPO placements, it is likely that large mutual funds and financial institutions would be involved. SBI Mutual Fund has been a major anchor investor in other big IPOs, often taking a big chunk of the anchor book.
For example, in Meesho’s recent IPO, SBI Mutual Fund took about 23–25% of the anchor shares, along with global players like BlackRock, GIC of Singapore, and domestic funds like UTI MF, Tata MF, Motilal Oswal MF, Axis MF, Bandhan MF, and HSBC MF. Most of the time, these anchor investors are qualified institutional buyers (QIBs) who put at least ₹10 crore into mainline IPOs and get their shares one day before the IPO opens to the public.
The fact that these well-known institutions are involved shows that the market trusts SBI AMC’s offering and makes the IPO more credible. The draft red herring prospectus (DRHP) will be the official announcement of the final list of anchor investors before the IPO opens.
Merchant Bankers List
SBI Capital Markets is expected to be the lead book-running manager for the SBI AMC IPO, given its expertise and track record with large public sector listings. Other merchant bankers may also be involved, with the final list to be confirmed in the DRHP.
SBI AMC IPO Allotment Details
Allotment will follow SEBI guidelines, with retail, institutional, and non-institutional investors each receiving their respective shares based on subscription levels. The basis of allotment is expected within three working days after the closure of the IPO, with refunds initiated shortly thereafter.
Check SBI AMC IPO Allotment Status: Click here
Promoters Holding Pattern
SBI currently holds 61.98% of SBI Funds Management Ltd., while Amundi owns 36.40%. Post-IPO, SBI is expected to retain at least 55% stake, with Amundi likely to maintain its current holding.
| Promoter | Pre-IPO Stake | Post-IPO Stake (Expected) |
|---|---|---|
| SBI | 61.98% | 55%+ |
| Amundi | 36.40% | 36.40% (retained) |
SBI AMC Company Details
SBI Mutual Fund is India’s biggest and most trusted mutual fund house. SBI Funds Management Limited (SBIFML) is the business that manages the funds. SBIFML is a joint venture between the State Bank of India (SBI) and Amundi, a top European asset management organization. It has always given investors value through a wide range of new mutual fund products. The company has been around for more than 37 years and has a strong history that goes back to SBI. It is known for being open, having disciplined investment techniques, and putting investors’ interests first.
SBI products Management Limited is based in Mumbai and handles a wide range of investment products, including equity, debt, hybrid, and alternative funds. The organization is known for its top-notch research, skilled leadership, and a powerful distribution network that includes more than 110,000 empaneled distributors in India and Dubai. SBIFML can serve a wide range of investors, from individual retail investors to large institutions, pension funds, and foreign asset managers, because it has such a wide reach.
SBI Mutual Fund has reached a number of important milestones in the business, such as being the first fund house in India to have more than ₹10 lakh crore in assets under management (AUM). There are now 81 schemes available from the company, including 44 equity funds, 22 debt schemes, and 11 hybrid funds. These schemes have changed throughout time to accommodate the needs of investors. SBIFML is also known for being the leading supplier of SIP (Systematic Investment Plans) in India, with 10% of all live SIP accounts. It also has a 43% market share in ETFs.
The company’s finances have been great; in FY24 alone, revenue grew by 42% and net profit grew by 50%. SBIFML’s EBITDA margin is 78%, and its return on equity (ROE) is 31%, both of which are far higher than the industry average. These results are due to good cost control, an increasing number of investors, and strong fee structures. They strengthen SBIFML’s position as a market leader.
SBI Funds Management Limited doesn’t simply want to expand; they also want to teach investors and promote responsible investing. The company started programs like SBI Fund Guru to teach clients and was the first AMC in India to fully follow GIPS (Global Investment Performance Standards). SBIFML is also a signatory to the United Nations Principles for Responsible Investment (UN-PRI), which shows that it is committed to investing in a way that is good for the environment and society.
Company Financial Statements
SBI AMC has demonstrated robust financial growth, with revenue and profit rising steadily over the past few years:
| Year | Revenue (₹ crore) | Net Profit (₹ crore) | AUM (₹ lakh crore) |
|---|---|---|---|
| FY25 | 4,063.32 | 2,540.15 | 26.83 |
| FY24 | 3,273.18 | 2,072.78 | 22.83 |
| FY23 | 2,303.30 | 1,340.01 | 12.7 |
The company’s operating margins have improved due to efficient expense management and strong fee structures, supported by a rapidly expanding retail investor base.
Valuation Report
SBI AMC’s IPO is targeting a valuation of ₹95,000–1,10,000 crore, reflecting its leadership in the Indian mutual fund sector and strong profitability. The valuation is supported by a high EBITDA margin (78%) and ROE (31%), which are well above industry averages. The current PE of SBI AMC is 54 which expected to get lower to 40 at the launch of IPO. Book value is Rs.48 as on 25th December 2026.
Peer Company Comparisons
| Company | AUM (₹ lakh crore) | Revenue (₹ crore) | Net Profit (₹ crore) | EBITDA Margin | ROE |
|---|---|---|---|---|---|
| SBI AMC | 26.83 | 4,063.32 | 2,540.15 | 78% | 31% |
| HDFC AMC | TBA | TBA | TBA | 80% | 27% |
| ICICI Prudential | TBA | TBA | TBA | TBA | TBA |
| Axis AMC | TBA | TBA | TBA | TBA | TBA |
SBI AMC Address and Contact Details
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Registered/Corporate Office Address:
SBI Funds Management Limited
9th Floor & Unit No. 1002, 1003, and 1004 of 10th Floor,
Crescenzo, C-38 & 39, G Block, Bandra-Kurla Complex,
Bandra (East), Mumbai – 400051, Maharashtra, India. -
Toll-Free Numbers:
1800 209 3333 / 1800 425 5425
Outside India: +91-22-62511600 / +91-80-25512131. -
Email:
customer.delight@sbimf.com - Website: Sbimf.com
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Board Line:
+91 22 61793000
Registrar Details
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KFin Technologies Limited Address
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Registered Office:
KFin Technologies Limited
2nd Floor, Raheja Towers,
260, Anna Salai, Chennai – 600002, Tamil Nadu, India.
KFin Technologies Limited Contact Details
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Phone:
+91 44 30407236
Fax: +91 44 30407101 -
Email:
enq_L@camsonline.com - Website: Kfintech.com
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Mr. Nadim Abbas M G is an Intermediate Chartered Accountant with a strong background in Information Technology. He combines his expertise in IT with a deep understanding of the stock market, making him a valuable resource for both financial and technical insights. With hands-on experience in accounting, IT systems, and stock market analysis, Nadim excels in bridging the gap between finance and technology, offering strategic advice and expert guidance in both domains.
