About SBI MF IPO

The IPO of SBI Mutual Fund will comprise of an offer for sale of 20,37,09,239 shares (20.37 crore shares). There will be no fresh issue component. Out of the total offer for sale of 20.37 crore shares; State Bank of India will tender 12.83 crore shares, while the other JV partner Amundi India Holdings will tender the balance 7.54 crore shares in the offer for sale (OFS).

SBI MF boasts of a rich legacy and is a joint venture between SBI and Amundi (France), one of the world’s largest asset management companies. Currently, SBI MF is the largest Indian mutual fund in terms of assets under management (AUM) and combines the reach of SBI and the global best practices of Amundi. As of March 2026, SBI AMC managed funds of ₹16.32 trillion.

Objectives of SBI MF IPO

The SBI MF will be entirely an offer for sale, with no fresh issue. The objective of the IPO will be as under:

• Offering an exit route to early investors in SBI Mutual Fund
  
• Getting the stock of SBI Mutual Funds listed on the stock exchanges
  
• Ensuring better visibility for the company through the listing process
  
• Getting a market-oriented benchmark for valuation
  

Industry Outlook

The assets under management of the Indian mutual fund industry has not only seen fresh flows but has also managed to grow at the cost of bank deposits as investors looked at higher return avenues. AUM grew at a CAGR of 18.4% between 2019 and 2025, largely driven by equity assets. Mutual fund assets as a share of bank deposits in SCBs rose from 19.7% in March 2020 to 28.0% in March 2025; and further to 33.0% by December 2025.

The AUM of retail and HNI individuals increased from 52% of total AUM to 60.7% of total AUM between March 2020 and March 2025. Systematic Investment Plans (SIP), a good barometer of retail intensity has now reached ₹32,087 crore in March 2026, up 7.5% month-on-month, reflecting sustained retail participation. . There has also been a consolidation of AUM by large AMCs, with the top 3 AMCs now accounting for 40% of quarterly average AUM, with SBI MF alone accounting for 15.55%. However, with the rise of new players in the industry, the share of the top 10 MF players has fallen from 83.0% to 76.2% between FY20 and FY26.

Company Information

SBI MF is an asset management company offering a wide range of mutual funds to investors. It's a joint venture between SBI and Amundi, a French asset management company. Incorporated in 1987, SBI MF has AUM leadership in passive and active funds in India. As of December 2025, SBI Mutual fund has about 16.04 million customers, over 1,30,296 distribution partners, SIP AUM of ₹1,91,260 crore and nearly 15.76 million contributing SIP accounts.

SBI MF offers almost 125 mutual fund plans; which includes 35 equity and equity-oriented schemes, 48 debt schemes, and 35 passive schemes. For FY25, SBI reported operating revenues of ₹3,596.76 crore while the operating revenues stood at ₹3,250.64 crore in first 9 months of FY26. Its operating profits have grown at a CAGR of 33.9% between FY23 and FY25, while the PAT has grown at a CAGR of 37.7% over the last 3 fiscal years.

Strengths of SBI MF

Here are some of the key strengths of SBI Mutual Fund.

• AMC has managed to maintain rapid growth despite benefits of scale on costs
  
• Has a 16.1% market share in SIP count, which offers consistent and steady AUM growth
  
• Combines the spread and reach of SBI with the best practices of Amundi Worldwide
  
• Demonstrated track record of performance across all category of funds
  
• Bancassurance plus multi-channel distribution strategy at work
  
• Customer targeting with intense data mining
  

Risks of SBI MF

Here are some of the key risks that SBI MF is exposed to.

• Competition is intense in the mutual fund space with ICICI Pru AMC and HDFC AMC hot in pursuit of the total AUM score. New funds are also growing rapidly
  
• The business of SBI MF is vulnerable to movements in interest rates, equity indices etc
  
• SIP flows get influenced by market performance, especially a spike in SIP stoppage ratio
  
• SEBI has been making consistent efforts to reduce the Total Expense Ratio (TER) of mutual funds, which means less revenues for SBI AMC
  
• Cyber risks (like Mythos) are a major risk with large customer databases
  
• Compliance risks and compliance costs tend to be very high in the mutual funds business
  
• Underperformance of benchmarks tends to influence the flows into various schemes
  
• Debt and liquid schemes tend to be exposed to liquidity risks
  
• Shift to open architecture distribution does pose a risk to bancassurance plays
  

Anchor Investor Bidding Date

TBA

IPO Registrar and Book Running Lead Manager

• IPO Registrar: KFIN Technologies Ltd (KFINTECH)
  
• Book Running Lead Manager: Kotak Mahindra Capital, Axis Capital, BOFA Securities, HSBC Securities, ICICI Securities, Jefferies India, JM Financial, Motilal Oswal, SBI Capital Markets.
  

Business Model

SBI MF offers mutual funds across various categories, equity, hybrid, and debt, to investors. It earns revenues from the expense ratios charged for various schemes on offer. At the same time, it offers NFOs from time to time, which helps attract fresh money. It is the largest fund in India by overall AUM.

Company Growth Trajectory

Between FY23 and FY25, the revenues from operations of SBI MF grew nearly 66.4% to ₹3,598 crore. During the same period, the PAT nearly doubled from ₹1,340 crore to ₹2,540 crore. During this period, the ROE has been relatively flat between 32% and 33%. Active investors between FY23 and FY25 grew from 86 lakhs to 1.47 crore.

Market Position

SBI MF is one of India’s leading asset management companies. It is the largest mutual fund by AUM and also the largest manager of discretionary PMS in India. The market share of passive funds has grown from 31.4% in FY21 to 44.6% in FY26. In tandem, SBI has also grown its passive franchise.

How to Check Allotment Status of SBI MF IPO?

1. Visit the Registrar’s Website

Visit the official website of the registrar and find the IPO allotment status link. Click on it and enter your application number, DP ID or PAN. Click on ‘Submit’ to know the status.

2. Check on the National Stock Exchange Website

The National Stock Exchange (NSE) website has an IPO bid verification module. You can use it to check the allotment status of SBI MF IPO. Go to the NSE website and find the ‘Invest’ tab. Click on ‘Verify IPO Bids’ under ‘Resources & Tools’.

On the NSE IPO bid verification page, enter:

• Company name from dropdown
  
• Application number
  
• PAN
  

Then click ‘Submit’ to know the allotment status.

3. Check on the BSE Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the ‘Investors’ tab. Under ‘Investors’, click on ‘IPO’. This will take you to the IPO allotment status page. On the BSE IPO page, follow these steps:

• Select ‘Equity’ from the dropdown menu
  
• Choose ‘SBI MF’ in the next dropdown
  
• Enter your application number
  
• Enter your PAN
  
• Click ‘Search’ to know allotment status
  

How to Apply for the SBI MF IPO?

To apply for this IPO:

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