SBI Funds IPO

About SBI Funds IPO

The SBI Funds IPO, a mainboard IPO, opens on Tuesday, July 14, 2026 and closes on Thursday, July 16, 2026. The allotment of shares will take place on Friday, July 17, 2026. The credit of shares to the demat account will take place on Monday, July 20, 2026. The initiation of refunds will take place on Monday, July 20, 2026. The listing of shares will take place on Tuesday, July 21, 2026.

The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

The offer consists solely of an offer for sale component. Fresh issue is not applicable. The offer for sale portion includes up to 170,956,631 Equity Shares of face value ₹1 each aggregating up to ₹9,813 crores.

SBI Funds IPO's price band is set at ₹545 to ₹574 per share. The lot size for an application is 26. The minimum amount of investment required by a retail investor is ₹14,924 (26 shares) (based on upper price). The lot size investment required by sNII is 14 lots (364 shares), amounting to ₹2,08,936, and for bNII, it is 68 lots (1,768 shares), amounting to ₹10,14,832.

The SBI Mutual Fund IPO includes reservation portions for eligible investors. Up to 13,055,629 equity shares of face value ₹1 each have been reserved for eligible shareholders of SBI under the SBI Shareholder Reservation Portion.

Additionally, up to 270,271 equity shares have been reserved for eligible employees of SBI Funds Management under the SBIFM Employee Reservation Portion, while up to 2,987,076 equity shares have been reserved for eligible employees of State Bank of India under the SBI Employee Reservation Portion.

Eligible employees are offered a discount of ₹54 per equity share on the issue price.

Objectives of SBI Funds IPO

This is a 100% offer for sale. The Company will not receive any proceeds from the offer.

• Carry out the offer for sale of up to 170,956,631 equity shares.
  
• To achieve the benefits of listing the equity shares on the stock exchanges.
  

Industry Outlook

India's mutual fund industry has scaled rapidly. Industry quarterly average assets under management reached ₹81.5 trillion in March 2026, growing at a compound annual rate of roughly 20.5% from March 2021. Households are steadily moving savings from bank deposits into market-linked products, and mutual fund assets as a proportion of scheduled commercial bank deposits rose from 19.7% in March 2020 to 28.7% in March 2026.

Retail participation is deepening. Individual investors accounted for 62.8% of industry assets as of March 2026, up from 53.7% in March 2021, reflecting a broad shift in how Indian households invest. Systematic investment plans have become the industry's backbone, with SIP assets reaching ₹15.1 trillion and SIP accounts touching approximately 104.5 million as of March 2026. Fiscal 2026 SIP inflows reached ₹3.49 trillion.

About SBI Funds Management Limited

SBI Funds Management is India's largest asset management company by mutual fund QAAUM, holding a 15.3% market share as of March 31, 2026. It manages assets across mutual funds, portfolio management services, alternative investment funds, and overseas fund-of-funds mandates. Total QAAUM across these mandates reached ₹29,461.05 billion as of March 31, 2026, having grown at a compound annual rate of 14.22% since March 2024. The Company also runs India's largest portfolio management services business, with a 39.7% share of the PMS segment.

Research depth underpins the platform. Dedicated teams actively cover over 450 companies, representing more than 85% of the BSE 500 by market capitalisation, and over 250 fixed income issuers as of March 31, 2026. Its systematic investment plan franchise is the market leader, with 16.21 million live SIPs and a 15.5% share by live SIP count.

Strengths of SBI Funds Management

• Largest asset management company in India in terms of mutual fund assets under management
  
• The Company runs the lowest operating expense ratio among India's top 10 AMCs at 0.08% of QAAUM in Fiscal 2026, against a 0.10% to 0.25% range for the rest of the top 10.
  
• It is India's largest portfolio management services provider, with a 39.7% share of the PMS segment as of March 31, 2026.
  
• Its market-leading SIP franchise holds 16.21 million live SIPs, a 15.5% share by live SIP count as of March 31, 2026.
  
• Dual parentage from State Bank of India and Amundi combines SBI's pan-India distribution with Amundi's global asset-management capabilities.
  
• Total QAAUM across mutual fund, PMS, AIF, and overseas fund-of-funds mandates reached ₹29,461.05 billion as of March 31, 2026, a 14.22% CAGR since March 2024.
  

Risks of SBI Funds Management

• The Company's revenue is directly linked to its QAAUM, so a sustained equity-market decline would reduce assets and compress fee income.
  
• The top 10 schemes generated 46.45% of revenue from operations in Fiscal 2026, concentrating earnings in a set of products.
  
• A regulatory shift to a Base Total Expense Ratio or lower expense-ratio caps could reduce the fees the Company charges and shrink profitability.
  
• About 57.68% of mutual fund monthly average AUM is sourced through external distributors, so weaker distributor relationships would directly cut inflows.
  
• Growth in low-fee passive products could pull assets away from the Company's higher-margin active schemes and pressure revenue.
  
• The investment management agreement with the Trustee Company of SBI Mutual Fund can be terminated, which would remove a core source of the Company's fee income.
  

Anchor Investor Bidding Date: Monday, July 13, 2026

IPO Registrar
KFin Technologies Limited
E-mail: sbifml.ipo@kfintech.com
Telephone: +91 40 6716 2222

IPO Book Running Lead Managers

• Kotak Mahindra Capital Company Limited
  
• Axis Capital Limited
  
• BofA Securities India Limited
  
• HSBC Securities and Capital Markets (India) Private Limited
  
• ICICI Securities Limited
  
• Jefferies India Private Limited
  
• JM Financial Limited
  
• Motilal Oswal Investment Advisors Limited
  
• SBI Capital Markets Limited
  

SBI Funds Management Contact Details
9th Floor, Crescenzo, C – 38, & 39, G Block, Bandra, Kurla
Complex, Bandra, (East), Mumbai 400 051, Maharashtra, India.
Email: companysecretary@sbimf.com
Tel: +91 22 6179 3000

SBI Funds Management Business Model

The company earns its revenue through asset management fees charged on the assets it manages across mutual funds, portfolio management services, alternative investment funds, and advisory mandates. Asset management fees were ₹4,389.49 crores in Fiscal 2026, earned primarily as a percentage of quarterly average assets under management. Revenue is diversified across a broad scheme range, with the top 10 schemes contributing 46.45% of revenue from operations in Fiscal 2026 and no single scheme dominating the mix. The Company serves retail investors, high-net-worth individuals, and institutional clients, and it leverages the distribution reach of State Bank of India alongside the global capabilities of Amundi to differentiate its platform.

SBI Funds Management Growth Trajectory

SBI Funds Management Limited's Total Income for FY26 was ₹4,976.11 crores, whereas in FY25 and FY24 it was ₹4,236.15 crores and ₹3,426.08 crores, respectively.

The Profit After Tax for FY26 was ₹3,067.38 crores, whereas in FY25 and FY24 it was ₹2,540.15 crores and ₹2,072.79 crores, respectively.

Their EBITDA for FY26 was ₹4,058.44 crores, whereas in FY25 and FY24 it was ₹3,412.94 crores and ₹2,718.82 crores, respectively.

SBI Funds Management Market Position

SBI Funds Management operates a well-diversified, pan-India, multi-channel distribution network, reaching investors through independent financial advisors, national distributors, and 95 banks including State Bank of India as of March 31, 2026. Its integration with SBI's YONO platform gives it direct digital access to a large retail base, and about 57.68% of its mutual fund monthly average AUM is sourced through external distributors. The Company is the largest asset manager in India by mutual fund QAAUM and the largest PMS provider, serving retail, high-net-worth, and institutional clients across the country.

As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹4,976.11 crores, ₹3,067.38 crores, and ₹4,058.44 crores, respectively.

How to apply for SBI Funds IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.
  
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