IPO of SBI FM SBI and Amundi jointly initiate to list SBI Funds Management

State Bank of India (“SBI”) and Amundi have jointly initiated an Initial Public Offering (IPO) of SBI Funds Management Limited (“SBIFM”). The listing on the stock exchanges in India should occur in 2026, subject to regulatory approval and market conditions.

Incorporated in 1992, and currently owned by SBI (61.9%), Amundi (36.4%) and others (including Employee Stock Ownership Programs)[1] SBIFM has become the leader in the Indian asset management industry, with a market share above 15.5%[2] in mutual funds, and total assets under management of INR 28.31 trillion (€269 billion)[3].

At IPO, it is intended that 10% of the SBIFM capital will be offered for sale, 6.3% sold by SBI and 3.7% by Amundi.   

Valérie Baudson, Chief Executive Officer of Amundi, commented, “Over the years, SBI Funds Management Limited has established itself as the leader in India’s asset management industry. It 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 allow to unlock the value jointly created by SBI and Amundi, which will continue their long-term partnership in a fast-growing Indian market that presents significant development potential.”

SBI Chairman, Shri Challa Sreenivasulu Setty said, “SBI Funds Management Limited will be the third subsidiary of SBI to be listed after SBI Cards and SBI Life Insurance. Considering SBIFM’s sustained strong performance and market leadership over the years, it is considered an opportune time to launch the IPO process. Apart from maximizing value realization 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”.


[1] 1.7% of SBIFM’s shareholding is held by employees and other individuals. 

[2] Association of Mutual Funds in India - AMFI 30.06.2025

[3] As of end-September 2025

Contact

Corentin Henry

Head of Press Relations and Social Media
Initial public offering of SBI Funds Management Limited (”SBI FM”)

This website contains information relating to the contemplated initial public offering of SBI Funds Management Limited. This information may not be accessed by residents of certain countries.

European Economic Area (including France)

With respect to each Member State of the European Economic Area (the “Member States”) which is subject to the provisions of Regulation (EU) 2017/1129 of the European Parliament and of the Council of June 14, 2017, as amended (the “Prospectus Regulation”), the information available in the following pages is directed only at any person or entity which is a qualified investor as defined in the Prospectus Regulation. These restrictions with respect to any Relevant Member State apply in addition to any other restrictions which may be applicable in any Relevant Member State.

United Kingdom

In the United Kingdom, the information available in the following pages is directed only at qualified investors as defined in paragraph 15 of Schedule 1 of the Public Offers and Admissions to Trading Regulations 2024 (the “POATRs”).

The information available in the following pages is directed only at persons who (1) are outside the United Kingdom, (2) are “qualified investors” within the meaning of paragraph 15 of Schedule 1 to the POATRs, (A) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Order”), or (B) who fall within Article 49(2)(a) to (d) of the Order, or (C) to whom it may lawfully be communicated (all such persons, together with the qualified investors in the European Economic Area, being referred to as “Relevant Persons”). Any investment or investment activity to which this website and the information contained herein relates is available only to Relevant Persons in the United Kingdom and will be engaged in only with such persons. Any person who is not a Relevant Person should not act or rely on the information contained in this website.

The information available in the following pages is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which the information available in the following pages relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

United States and other States

This website and the information contained herein are not intended for, and may not be accessed by, or distributed or disseminated to, persons resident or physically present in the United States of America (including its territories, the “United States”), South Africa, Canada, Japan or Australia, and do not constitute an offer to sell or the solicitation of an offer to purchase or acquire, any ordinary shares or other securities of SBI FM in the United States, South Africa, Canada, Japan or Australia. 

The shares of SBI FM referred to on this website have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or the Investment Company Act of 1940, as amended (the “U.S. Investment Company Act”), and may not be offered or sold in the United States or to persons who are U.S. Persons (as defined in Regulation S under the U.S. Securities Act) absent registration or an exemption from registration under the U.S. Securities Act and the U.S. Investment Company Act.

All persons residing outside of the European Economic Area, the United States, South Africa, Canada, Japan and Australia who wish to access the documents contained on this website should first ensure that they are not subject to local laws or regulations that prohibit or restrict their right to access this website, or require registration or approval for any acquisition of securities by them. No such registration or approval has been or will be obtained by Amundi in such jurisdictions. Amundi assumes no responsibility for any violation of applicable laws and regulations by any person.

By accessing the information available in the following pages, you confirm that you are in compliance, and agree to comply, with the restrictions described above.

I certify that:

(1) I am a resident of and physically present in a Member State of the European Economic Area or the United Kingdom, and I am:

(a)  a qualified investor as defined in Regulation (EU) 2017/1129, as amended, and in paragraph 15 of Schedule 1 of the Public Offers and Admissions to Trading Regulations 2024 in the United Kingdom; or

(b)  otherwise authorized to access this information pursuant to applicable laws or regulations.

and

(2) I am not a resident of or physically present in the United States, South Africa, Canada, Japan or Australia.

I have read and understood the foregoing, and hereby make the certifications above and agree to comply with all of the above restrictions: 

No, I leave the website
fingerprint

To secure its communication, Amundi certifies its contents on Wiztrust.

You can check the authenticity on the website www.wiztrust.com

wiztrust logo

Download documents

  • 11.06.25

    SBI and Amundi jointly initiate to list SBI Funds Management

    210 KB PDF Download

Share

About Amundi

Amundi, the leading European asset manager, ranking among the top 10 global players1, offers over 200 million investors a complete range of savings and investment solutions in active and passive management, in listed and private assets. Developed for a range of distributors (banks, wealth managers, financial advisors…) as well as for institutional investors and corporates, this offering is enhanced by services and technology tools covering the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages close to €2.6 trillion of assets2.

Its six international investment hubs3, its financial and extra-financial research capabilities and its long-standing commitment to responsible investment make Amundi a leading player in the international asset management landscape.

Thanks to its strong local presence, particularly in Europe and Asia, Amundi offers its clients the expertise and advice of 5,400 professionals across 34 countries.

Amundi, a trusted partner, working every day in the interest of its clients and society

www.amundi.com

Footnotes

  1. Source: IPE “Top 500 Asset Managers” published in June 2026, based on assets under management as at 31/12/2025
  2. Amundi data as at 30/06/2026
  3. Paris, London, Dublin, Milan, Tokyo and San Antonio (via our strategic partnership with Victory Capital)

Latest publications