SBI Funds Management Ltd. has brought on board nine investment banks to advise on a proposed initial public offering that could raise around $1.4 billion in the first half of 2026, according to sources familiar with the matter.
India’s largest asset management company has appointed Kotak Mahindra Capital, Axis Bank, SBI Capital Markets, Motilal Oswal Investment Advisors, ICICI Securities, and JM Financial, along with the Indian arms of Citigroup, HSBC, and Bank of America, to work on the share sale. The sources said the mandates are expected to be formally finalised soon.
The IPO could value SBI Funds Management at close to $14 billion, though discussions are still underway and the final structure and timing of the offering may change.
State Bank of India, Amundi, SBI Funds Management and the banks involved declined to comment on the development.
Riding the IPO momentum
The planned listing comes on the back of a strong debut by ICICI Prudential Asset Management Company last month. The country’s second-largest fund house raised $1.2 billion in its IPO, which was subscribed more than 39 times, and is currently valued at around $14 billion. ICICI Prudential AMC had appointed a record 18 banks for its public issue.
India remained one of the most active IPO markets globally in 2025, with companies collectively raising about $22.36 billion, exceeding the previous year’s record of $21 billion, according to Bloomberg data.
SBI Funds Management is jointly owned by State Bank of India and Amundi. The two partners had announced last year that they plan to divest a combined 10 percent stake through the public offering.