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State Bank of India (SBI), the country’s largest lender, and French-owned Amundi India Holding are jointly divesting 10 per cent of equity stake in the mutual fund venture SBI Funds Management Ltd (SBIFML) – the largest mutual fund venture in the country — and list its shares on the stock exchanges through an in initial public offering (IPO).
SBI has decided to divest 3.20 crore shares, being equivalent to 6.30 per cent of total equity capital of SBI Funds Management through the IPO, subject to regulatory approvals. Amundi India Holding, the other promoter of SBIFML, will divest 1.88 crore equity shares, being equivalent to 3.70 per cent of the stake, taking the total divestment to 10 per cent.
Both the promoters of SBIFML have jointly initiated the IPO, which will likely be completed in 2026.
SBI and Amundi India Holding hold 61.91 per cent and 36.36 per cent stake in SBIFML, respectively.
SBIFML is the largest asset management company in the country with a market share of 15.55 per cent, managing quarterly average assets under management (QAAUM for Q2FY26) of Rs 11.99 lakh crore under various schemes of SBI Mutual Funds and AUM of Rs 16.32 lakh crore under alternates as on September 30, 2025.
SBI Mutual Fund was set up in 1987 with SBI as the sponsor and was the first non-UTI mutual fund in India. In the year 1992, SBI Funds Management was incorporated as a wholly owned subsidiary of SBI as Investment Manager for SBI Mutual Funds to provide investment solutions across different asset classes.
Amundi acquired a stake in SBI Mutual Fund through a joint venture formed in April 2011. This was part of a global move where Amundi acquired the asset management business of Societe Generale, which had previously held a stake in the company.
Amundi, the largest asset manager in Europe and one of the 10 biggest investment managers in the world, was created in 2010 in France, further to the merger of the asset management arms of Crédit Agricole and Societe Generale. Amundi has 2.267 trillion euros of AUM in 2025.
“SBIFML will be the third subsidiary of SBI to be listed after SBI Cards and SBI Life Insurance. Considering SBIFML’s sustained strong performance and market leadership over the years, it is considered an opportune time to launch the IPO process,” said SBI Chairman Challa Sreenivasulu Setty.
“Apart from maximising value realisation for the existing stakeholders, the IPO will create opportunities for the general shareholders, broaden market participation and lead to increased awareness of products to a wider set of potential investors. This will further enhance the public visibility of the company, thereby reinforcing its position as a leading player in the asset management industry,” Setty said.
“SBIFML has grown successfully, leveraging on the powerful distribution capacity of SBI’s network in India, combined with Amundi’s global expertise in asset management. This IPO will unlock the value jointly created by SBI and Amundi, which will continue their successful long-term partnership in a fast-growing Indian market that presents significant development potential,” said Amundi CEO Valérie Baudson.
