SBI Funds Management

ListedListed 21 Jul 2026MainboardNSE: SBIFUNDSCheck allotment

Current price₹ 519.6−9.48% since issue

Listing day+6.85%

Issue price: ₹ 574
Issue size: ₹ 9,795.31 Cr.
Min. investment: ₹ 14,924
Listing price: ₹ 613.3
Subscribed: 41.66x
Lot size: 26 shares
P/E: 38.12
RoNW: 43.02%
PAT margin: 61.65%
EBITDA margin: 92.46%
RoE: 43.02%
EPS: ₹ 15.06
NAV: ₹ 29.28
Promoter stake: ~88%

About

SBI Funds Management Limited was incorporated in 1992 and is the asset manager of SBI Mutual Fund, India's largest mutual fund house. The company is promoted by State Bank of India and Amundi, Europe's largest asset manager, through a long-standing joint venture. It is the largest asset management company in India with a quarterly average mutual fund AUM of about ₹12.51 lakh crore as of 31 March 2026, a mutual fund market share of around 15.3%, and a leading 27.9% share in passive (ETF and index) funds. Beyond mutual funds, the company manages portfolio management services, alternative investment funds and offshore mandates, taking its total quarterly average assets under management to about ₹29.46 lakh crore. Its scale, the SBI brand and distribution network, and a high-margin asset-light model make it one of the most profitable AMCs in the country, with a PAT of ₹3,067 crore on total income of ₹4,976 crore in FY26.

Timeline

Opens
14 Jul
done
Closes
16 Jul
done
Allotment
17 Jul
done
Refunds
20 Jul
done
Demat credit
20 Jul
done
Listing
21 Jul
done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest: ₹ 140 on 6 Jul 2026
Lowest: ₹ 77 on 8 Jul 2026
First quoted: ₹ 101 on 2 Jul 2026

Subscription

How many times each investor group bid for its share, as of 08 Aug 2026, 04:05 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type

Retail (Min)	1	26	₹ 14,924
Retail (Max)	13	338	₹ 1,94,012
S-HNI (Min)	14	364	₹ 2,08,936
B-HNI (Min)	68	1,768	₹ 10,14,832

Company overview

Financials

Financials by year

Revenue	4,976.11	4,236.15	3,426.08
OPM %	—	—	—
EBITDA	4,058.44	—	—
Net Profit	3,067.38	2,540.15	2,072.79
Debt	—	—	—
Assets	—	—	—

Strengths

India's largest asset management company by assets under management.
Strong backing from SBI and Amundi enhances credibility and distribution reach.
Diversified product portfolio across mutual funds, ETFs and PMS services.
Large investor base provides stable and recurring fee income.
Asset-light business model generates strong profitability and return ratios.

Risks

Revenue is closely linked to market performance and investor sentiment.
Fee compression in the mutual fund industry may impact margins.
Intense competition from other AMCs can affect market share growth.
Regulatory changes in the mutual fund sector may impact operations and earnings.
The issue is a pure Offer for Sale, with no fresh capital flowing into the company.

What the money is for

Objects of the issue

The entire issue is an Offer for Sale — the company will not receive any proceeds. Net proceeds go to the selling shareholders, State Bank of India and Amundi India Holding	—
Achieve the benefits of listing the equity shares on BSE and NSE	—

Promoters

State Bank of India
Amundi India Holding
Amundi Asset Management are the promoters of the company

Promoter holding98.02%→—before → after the issue

Anchor investors

129 anchors put in ₹ 2,663.02 Cr., including 66 mutual funds.

Anchor investors

HDFC MUTUAL FUND - HDFC BANKING AND FINANCIAL SERVICES FUND	7,95,158	45.64	1.71%
HDFC MUTUAL FUND - HDFC INNOVATION FUND	1,01,218	5.81	0.22%
HDFC MUTUAL FUND - HDFC MULTI CAP FUND	2,02,410	11.62	0.44%
HDFC TRUSTEE COMPANY LIMITED - HDFC TAX SAVERFUND	1,59,016	9.13	0.34%
HDFC TRUSTEE COMPANY LIMITED-HDFC FLEXI CAP FUND	10,12,050	58.09	2.18%
HDFC TRUSTEE COMPANY LTD. A/C HDFC BALANCED ADVANTAGE FUND	6,07,230	34.86	1.31%
HDFC TRUSTEE COMPANY LTD. A/C HDFC LARGE CAP FUND	6,07,230	34.86	1.31%
ICICI PRUDENTIAL EQUITY & DEBT FUND	8,71,078	50	1.88%
ICICI PRUDENTIAL EXPORTS AND SERVICES FUND	4,00,686	23	0.86%
ICICI PRUDENTIAL LARGE & MID CAP FUND	8,71,078	50	1.88%
ICICI PRUDENTIAL MUTUAL FUND - ICICI PRUDENTIAL RURAL OPPORTUNITIES FUND	1,74,226	10	0.38%
ICICI PRUDENTIAL QUALITY FUND	1,30,650	7.5	0.28%
ICICI PRUDENTIAL VALUE FUND	6,53,302	37.5	1.41%
ISIF ACTIVE ASSET ALLOCATOR LONG-SHORT FUND	87,126	5	0.19%
ISIF EQUITY LONG-SHORT FUND	87,100	5	0.19%
ISIF HYBRID LONG - SHORT FUND	2,09,066	12	0.45%
CAPITAL GROUP GLOBAL EQUITY FUND (CANADA)	31,35,886	180	6.76%
GOVERNMENT OF SINGAPORE	26,54,782	152.38	5.72%
MONETARY AUTHORITY OF SINGAPORE	4,81,104	27.62	1.04%
LIFE INSURANCE CORPORATION OF INDIA	31,35,886	180	6.76%
NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA LARGE CAP FUND	9,40,758	54	2.03%
NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA MULTI ASSET ALLOCATION FUND	6,27,172	36	1.35%
KOTAK MAHINDRA TRUSTEE CO LTD A/C INFINITY HYBRID LONG-SHORT FUND	87,178	5	0.19%
KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK BANKING & FINANCIAL SERVICES FUND	5,22,626	30	1.13%
KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK BUSINESS CYCLE FUND	5,22,626	30	1.13%
KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK MNC FUND	2,61,300	15	0.56%
KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK SERVICES FUND	1,74,200	10	0.38%
NOMURA INDIA INVESTMENT FUND MOTHER FUND	15,67,930	90	3.38%
FIAM GROUP TRUST FOR EMPLOYEE BENEFIT PLANS FIAM EMERGING MARKETS OPPORTUNITIES COMMINGLED POOL	2,53,292	14.54	0.55%
FIDELITY CENTRAL INVESTMENT PORTFOLIOS LLC : FIDELITY EMERGING MARKETS EQUITY CENTRAL FUND	89,804	5.15	0.19%
FIDELITY INVESTMENT TRUST : FIDELITY EMERGING MARKETS FUND	2,85,298	16.38	0.61%
FIDELITY INVESTMENT TRUST FIDELITY SERIES EMERGING MARKETS OPPORTUNITIES FUND	8,33,716	47.86	1.8%
FIDELITY RUTLAND SQUARE TRUST II : STRATEGIC ADVISERS FIDELITY EMERGING MARKETS FUND AS MANAGED BY FIAM LLC	1,05,820	6.07	0.23%
BLACKROCK GLOBAL FUNDS - INDIA FUND	15,67,930	90	3.38%
ABU DHABI INVESTMENT AUTHORITY - MONSOON	15,67,930	90	3.38%
GOVERNMENT PENSION FUND GLOBAL	15,67,930	90	3.38%
GOLDMAN SACHS ETF TRUST - GOLDMAN SACHS INDIA EQUITY ETF	87,126	5	0.19%
GOLDMAN SACHS FUNDS - GOLDMAN SACHS INDIA EQUITY PORTFOLIO	13,93,678	80	3%
NEW YORK STATE TEACHERS RETIREMENT SYSTEM-MANAGED BY GOLDMAN SACHS ASSET MANAGEMENT L.P.	87,126	5	0.19%
HCL CAPITAL PRIVATE LIMITED	15,67,930	90	3.38%
HDFC LIFE INSURANCE COMPANY LIMITED	8,71,078	50	1.88%
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED	8,71,078	50	1.88%
AXIS MUTUAL FUND TRUSTEE LIMITED A/C AXIS MUTUAL FUND A/C AXIS LARGE CAP FUND	8,71,078	50	1.88%
ADITYA BIRLA SUN LIFE TRUSTEE PRIVATE LIMITED A/C ADITYA BIRLA SUN LIFE BANKING AND FINANCIAL SERVICES FUND	5,57,700	32.01	1.2%
ADITYA BIRLA SUN LIFE TRUSTEE PRIVATE LIMITED A/C ADITYA BIRLA SUN LIFE EQUITY SAVINGS FUND	73,736	4.23	0.16%
ADITYA BIRLA SUN LIFE TRUSTEE PRIVATE LIMITED A/C ADITYA BIRLA SUN LIFE SPECIAL OPPORTUNITIES FUND	2,21,208	12.7	0.48%
APEX HYBRID LONG SHORT FUND	18,434	1.06	0.04%
FRANKLIN INDIA AGGRESSIVE HYBRID FUND	4,13,946	23.76	0.89%
FRANKLIN INDIA BALANCED ADVANTAGE FUND	4,13,946	23.76	0.89%
FRANKLIN INDIA MULTI FACTOR FUND	43,186	2.48	0.09%
360 ONE SPECIAL OPPORTUNITIES FUND - SERIES 12	8,71,078	50	1.88%
360 ONE SPECIAL OPPORTUNITIES FUND - SERIES 9	4,35,526	25	0.94%
MASSACHUSETTS INSTITUTE OF TECHNOLOGY	8,71,078	50	1.88%
TATA BANKING & FINANCIAL SERVICES FUND	2,43,880	14	0.53%
TATA DIVIDEND YIELD FUND	1,91,672	11	0.41%
TATA FLEXI CAP FUND	2,61,300	15	0.56%
UTI BALANCED ADVANTAGE FUND	1,93,570	11.11	0.42%
UTI-DIVIDEND YIELD FUND	4,25,854	24.44	0.92%
UTI-INDIA CONSUMER FUND	77,428	4.44	0.17%
AXIS MAX LIFE INSURANCE LIMITED PENSION MAXIMISER FUND (ULIF01715/02/13PENSMAXIMI104)	1,04,520	6	0.23%
AXIS MAX LIFE INSURANCE LIMITED A/C - ULGF00217/04/06GRATBALANC104 - GROUP GRATUITY BALANCED FUND	78,390	4.5	0.17%
AXIS MAX LIFE INSURANCE LIMITED A/C - ULIF00525/11/05PENSGROWTH104 - PENSION GROWTH FUND	1,04,520	6	0.23%
AXIS MAX LIFE INSURANCE LIMITED A/C SUSTAINABLE EQUITY FUND - ULIF02505/10/21SUSTAINEQU104	1,04,546	6	0.23%
AXIS MAX LIFE INSURANCE LIMITED A/C UEGFH - HIGH GROWTH FUND II	1,30,650	7.5	0.28%
EDELWEISS FINANCIAL SERVICES FUND	10,504	0.6	0.02%
EDELWEISS MULTI CAP FUND	1,14,010	6.54	0.25%
EDELWEISS TRUSTEESHIP CO LTD AC - EDELWEISS MF AC- EDELWEISS RECENTLY LISTED IPO FUND	52,260	3	0.11%
EDELWEISS TRUSTEESHIP CO LTD AC- EDELWEISS MF AC- EDELWEISS AGGRESIVE HYBRID FUND	2,09,066	12	0.45%
EDELWEISS TRUSTEESHIP CO LTD AC- EDELWEISS MF AC- EDELWEISS ELSS TAX SAVER FUND	15,756	0.9	0.03%
EDELWEISS TRUSTEESHIP CO LTD AC- EDELWEISS MF AC- EDELWEISS FLEXI CAP FUND	1,22,720	7.04	0.26%
MALABAR INDIA FUND LIMITED	2,26,460	13	0.49%
MALABAR MIDCAP FUND	2,09,066	12	0.45%
INVESCO INDIA FLEXI CAP FUND	4,35,526	25	0.94%
MOTILAL OSWAL FINANCIAL SERVICES FUND	69,680	4	0.15%
MOTILAL OSWAL LARGE CAP FUND	3,65,846	21	0.79%
HSBC MUTUAL FUND - HSBC ELSS TAX SAVER FUND	3,22,608	18.52	0.7%
HSBC MUTUAL FUND - HSBC LARGE CAP FUND	1,12,918	6.48	0.24%
NPS TRUST A/C - HDFC PENSION FUND - NPS VATSALYA SCHEME	23,400	1.34	0.05%
NPS TRUST A/C - HDFC PF NPS EQUITY ADVANTAGE FUND TIER I	69,706	4	0.15%
NPS TRUST- A/C HDFC PENSION FUND MANAGEMENT LIMITED SCHEME E - TIER II	1,68,194	9.65	0.36%
BANDHAN AGGRESSIVE HYBRID FUND	87,100	5	0.19%
BANDHAN MIDCAP FUND	87,126	5	0.19%
NPS TRUST AC UTI PENSION FUND LIMITED SCHEME E TIER I	1,74,226	10	0.38%
WHITEOAK CAPITAL BANKING & FINANCIAL SERVICES FUND	1,13,230	6.5	0.24%
WHITEOAK CAPITAL LARGE CAP FUND	60,996	3.5	0.13%
PGIM INDIA TRUSTEE PRIVATE LIMITED A/C - PGIM INDIA LARGE AND MID CAP FUND	58,084	3.33	0.13%
PGIM INDIA TRUSTEE PRIVATE LIMITED A/C - PGIM INDIA MULTI CAP FUND	58,058	3.33	0.13%
PGIM INDIA TRUSTEES PRIVATE LIMITED A/C PGIM INDIA LARGE CAP FUND	58,084	3.33	0.13%
JM FINANCIAL MUTUAL FUND - JM FLEXICAP FUND	87,126	5	0.19%
JM FINANCIAL MUTUAL FUND - JM LARGE CAP FUND	43,550	2.5	0.09%
JM FINANCIAL MUTUAL FUND-JM VALUE FUND	43,550	2.5	0.09%
ABAKKUS GROWTH FUND - OPEN ENDED	1,74,226	10	0.38%
HELIOS FINANCIAL SERVICES FUND	1,74,226	10	0.38%
MANULIFE GLOBAL FUND - INDIA EQUITY FUND	1,74,226	10	0.38%
NATIXIS INTERNATIONAL FUNDS (LUX) I - LOOMIS SAYLES GLOBAL EMERGING MARKETS EQUITY FUND	1,74,226	10	0.38%
CHANAKYA WEALTH CREATION FUND	1,74,226	10	0.38%
CITIGROUP GLOBAL MARKETS MAURITIUS PRIVATE LIMITED	1,74,226	10	0.38%
EASTSPRING INVESTMENTS INDIA CONSUMER EQUITY OPEN LIMITED	88,779	5.1	0.19%
EDELWEISS LIFE INSURANCE COMPANY LIMITED	88,780	5.1	0.19%
ALPHAMINE ABSOLUTE RETURN FUND	88,780	5.1	0.19%
AVENDUS FINANCE PRIVATE LIMITED	3,50,080	20.09	0.75%
NPS TRUST A/C - AXIS PENSION FUND - NPS VATSALYA SCHEME	5,894	0.34	0.01%
NPS TRUST A/C - AXIS PENSION FUND MANAGEMENT LIMITED SCHEME E - TIER I	75,030	4.31	0.16%
NPS TRUST A/C - AXIS PF NPS GOLDEN YEARS FUND - GROWTH TIER I	12,895	0.74	0.03%
BAJAJ LIFE INSURANCE LIMITED	88,779	5.1	0.19%
BAJAJ FINSERV BANKING AND FINANCIAL SERVICES FUND	88,780	5.1	0.19%
BHARTI AXA LIFE INSURANCE COMPANY LTD	93,819	5.39	0.2%
ADITYA BIRLA SUN LIFE INSURANCE COMPANY LIMITED	88,779	5.1	0.19%
SOCIETE GENERALE - ODI	3,50,080	20.09	0.75%
WINRO COMMERCIAL (INDIA) LTD	88,780	5.1	0.19%
GROWW MUTUAL FUND - GROWW BANKING AND FINANCIAL SERVICES FUND	17,751	1.02	0.04%
GROWW MUTUAL FUND - GROWW MULTI CAP FUND	53,268	3.06	0.11%
GROWW MUTUAL FUND - LARGE CAP FUND	17,751	1.02	0.04%
INDUSIND GENERAL INSURANCE COMPANY LIMITED	88,780	5.1	0.19%
ITI BANKING AND FINANCIAL SERVICES FUND	62,137	3.57	0.13%
ITI BUSINESS CYCLE FUND	26,643	1.53	0.06%
NPS TRUST- A/C LIC PENSION FUND SCHEME E - TIER I	88,779	5.1	0.19%
MAHINDRA MANULIFE BANKING AND FINANCIAL SERVICES FUND	88,780	5.1	0.19%
BNP PARIBAS FINANCIAL MARKETS - ODI	2,63,006	15.1	0.57%
NAVI FINSERV LIMITED	88,780	5.1	0.19%
NUVAMA MULTI ASSET STRATEGY RETURN FUND	88,779	5.1	0.19%
OXBOW MASTER FUND LIMITED	88,780	5.1	0.19%
THE WEALTH COMPANY MUTUAL FUND - THE WEALTH COMPANY BALANCED ADVANTAGE FUND	8,877	0.51	0.02%
THE WEALTH COMPANY MUTUAL FUND - THE WEALTH COMPANY ETHICAL FUND	8,890	0.51	0.02%
THE WEALTH COMPANY MUTUAL FUND - THE WEALTH COMPANY FLEXI CAP FUND	44,383	2.55	0.1%
THE WEALTH COMPANY MUTUAL FUND - THE WEALTH COMPANY SMALLCAP FUND	26,630	1.53	0.06%
MORGAN STANLEY ASIA (SINGAPORE) PTE. - ODI	2,63,006	15.1	0.57%
UNITED INDIA INSURANCE COMPANY LIMITED	88,780	5.1	0.19%
VIRIDIAN ASIA OPPORTUNITIES MASTER FUND	88,780	5.1	0.19%

Registrar, lead managers and documents

Listing on: BSE, NSE
Face value: ₹ 1 a share
Registrar: KFin Technologies Limited
Lead managers: JM Financial Ltd., SBI Capital Markets Ltd., Axis Capital, ICICI Securities, Motilal Oswal Investment Advisors, Kotak Mahindra Capital Company Limited, Jefferies India Private Limited, Bofa Securities India Limited
Red herring prospectus (RHP): Open
Basis of allotment: Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.