Independent Research on Mutual Funds, Stocks & IPOs for Indian Investors

SBI Funds Management Limited, investment manager to SBI Mutual Fund (incorporated 1992), is India's largest AMC by AUM (~₹12.5 trillion as of Mar 2026). Joint venture between State Bank of India (61.98%) and Amundi Asset Management/Amundi India Holding (36.40%). Revenue ₹4,236.15 Cr (FY25) vs ₹3,426.08 Cr (FY24); PAT ₹2,540.15 Cr (FY25) vs ₹2,072.79 Cr (FY24). IPO is entirely an Offer for Sale of 20,37,09,239 equity shares (face value ₹1) — SBI selling up to 12,83,34,397 shares (6.3%), Amundi India Holding up to 7,53,74,842 shares (3.7%); no fresh issue, company receives no proceeds. ₹11,693 Cr issue, ~₹1.17 lakh Cr market cap at upper band. Reported interest from ADIA and GIC. Third SBI subsidiary to list after SBI Life Insurance and SBI Cards. Final subscription: 41.66x overall (ex-anchor book, ₹7,150 Cr issue) - QIB 140.11x, HNI 22.51x, Retail 3.60x, Shareholder 9.52x.