India’s largest asset management company SBI Mutual Fund is now preparing for one of the biggest IPOs in the financial sector. As per the latest reports, SBI Mutual Fund IPO is expected to launch by September 2026 or even before, confirmed by SBI Chairman CS Setty.
The IPO will be done through SBI Funds Management Limited (SBIFML), the company managing SBI Mutual Fund. SBIFML is a joint venture between State Bank of India (SBI) and French asset management giant Amundi.
This IPO is expected to attract massive interest because SBI Mutual Fund is already India’s largest AMC by AUM (Assets Under Management).
IPO Timeline: DRHP Likely in Mid-February, Listing by September
According to market sources and news reports, SBI Mutual Fund is expected to file its Draft Red Herring Prospectus (DRHP) with SEBI around mid-February 2026.
Once the DRHP is filed, SEBI will review it and provide observations. After SEBI approval, the company will move toward final offer document submission and IPO launch.
As per SBI Chairman CS Setty, the company has set a 12-month internal timeline, which indicates that the IPO can happen before September 2026.
Expected timeline:
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DRHP filing: Mid-February 2026 (expected)
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IPO launch: Before September 2026 (target)
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Listing: By September 2026 or earlier
Merchant Bankers Appointed
A major update is that SBI Mutual Fund has already started formal IPO preparations by appointing leading investment bankers.
Reports suggest SBI Mutual Fund has appointed several top domestic and global banks, including:
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Citigroup (Citi)
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HSBC
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Bank of America (BofA)
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SBI Capital Markets
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Kotak Mahindra Capital
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ICICI Securities
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Axis Capital
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Motilal Oswal Investment Banking
These bankers will manage DRHP drafting, valuation, marketing, book-building, regulatory processes, and investor roadshows. This clearly shows the IPO is being planned on a very large scale.
IPO Type: Offer for Sale (OFS), Not Fresh Issue
This IPO will mainly be an Offer for Sale (OFS), meaning the promoters will sell part of their stake. The company will not raise new capital through a fresh issue (as per current reports).
So the IPO is more about stake dilution and value unlocking.
SBI Mutual Fund IPO Size Estimate and Stake Sale
The IPO is expected to involve a total stake sale of around 10%.
As per reports:
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SBI will sell around 6.3% stake
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Amundi will sell around 3.7% stake
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Total stake offered: ~10%
The IPO may include nearly 5.09 crore equity shares (approx).
Expected IPO Size (Estimated):-
Reports suggest SBI Mutual Fund IPO could raise around:
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$1.2 billion to $1.4 billion Which is approximately ₹10,000 crore to ₹12,000 crore (estimated)
If this estimate turns true, SBI Mutual Fund IPO can become one of the largest IPOs in India’s financial services space.
Who Are the Promoters?
SBI Funds Management Ltd is backed by two strong promoters:
1) State Bank of India (SBI)
India’s largest public sector bank and majority stakeholder in SBIFML.
2) Amundi (France)
One of the world’s largest asset managers, providing global expertise.
SBI Mutual Fund: India’s Largest AMC
SBI Mutual Fund is currently India’s No.1 AMC by Assets Under Management (AUM). Its leadership position comes from strong brand trust, a huge distribution network via SBI branches, and a long-term investor base.
Top AMCs in India by AUM (Industry Ranking)
As per general industry ranking trends:
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SBI Mutual Fund
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ICICI Prudential Mutual Fund
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HDFC Mutual Fund
This ranking makes SBI Mutual Fund IPO even more attractive because investors will get exposure to India’s largest asset manager.
Currently, India already has a few major asset management companies that are listed on the stock exchanges. The biggest listed AMC is HDFC Asset Management Company (HDFC AMC), which is considered one of the top players in the mutual fund industry. Another important listed AMC is Nippon Life India Asset Management (NAM India), which is actively traded and widely followed by investors. Apart from these, ICICI Prudential AMC is also seen as a strong listed player in the sector and is often compared with other large AMCs based on AUM and profitability. Because SBI Mutual Fund is India’s No.1 AMC, its IPO valuation will be closely compared with these listed AMC stocks once the DRHP is filed.
Shareholder Quota Possibility
Another important point investors are discussing is the possibility of a shareholder quota in the SBI Mutual Fund IPO. Since SBI is the majority promoter, there is a strong chance that the IPO may include a special reserved quota for existing SBI shareholders, similar to what has been seen in some large PSU and subsidiary listings in the past. While there is no official confirmation yet, market expectations suggest that SBI may introduce this quota to reward long-term shareholders and increase retail participation. The final clarity will only come once the DRHP is filed with SEBI, most likely in mid-February 2026.
What is the record date for SBI Mutual Fund IPO shareholder quota?
As of now, the record date is not known, because SBI Mutual Fund has not filed the final IPO document yet. In most IPOs where a shareholder quota is offered, the record date is usually considered the day the company files the RHP (Red Herring Prospectus). Since the RHP can be filed anytime after SEBI gives its approval, the exact record date cannot be predicted in advance. This is why investors generally assume that once SEBI approval is received, the IPO can come anytime, and shareholders who want to be eligible for any possible shareholder quota often prefer to buy and hold SBI shares after SEBI approval, because the final record date is not publicly confirmed until the RHP is filed.
This IPO is being seen as a landmark event because:
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It will unlock value for SBI and Amundi
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It may become India’s biggest AMC listing ever
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It will attract QIB, FII, and retail investors heavily
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It will strengthen India’s listed financial services space
India’s mutual fund industry is growing rapidly due to SIP inflows, increasing retail participation, and long-term savings culture.
Even though the IPO is confirmed, investors should focus on the DRHP filing. Once DRHP is submitted, these key details will be officially available:
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Financial performance and profit numbers
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Total AUM and growth rate
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Exact IPO size in ₹
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Price band and valuation
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IPO dates and allotment schedule
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QIB / NII / Retail quota split
The SBI Mutual Fund IPO is shaping up to be one of the biggest IPOs in India’s capital markets. With SBI Chairman CS Setty confirming a 12-month timeline, the IPO is expected to arrive before September 2026.
The DRHP is expected around mid-February 2026, and the company has already appointed top investment bankers such as Citi, HSBC, BofA, Kotak, SBI Capital Markets, Axis Capital, ICICI Securities, and Motilal Oswal, which clearly indicates strong preparation.
With an expected IPO size of ₹10,000 crore to ₹12,000 crore, this issue could become a major highlight of the 2026 IPO calendar.
FAQ:-
Q1. When is SBI Mutual Fund IPO expected to launch?
SBI Mutual Fund IPO is expected to launch before September 2026, as confirmed by SBI Chairman CS Setty. The company is working on a 12-month timeline.
Q2. When will SBI Mutual Fund file its DRHP?
As per market expectations, SBI Mutual Fund may file its DRHP around mid-February 2026, although the exact date is not officially confirmed yet.
Q3. Will there be a shareholder quota in SBI Mutual Fund IPO?
There is a strong possibility of a shareholder quota in this IPO because SBI is the promoter. However, there is no official confirmation yet, and final details will be clear only after the DRHP is filed.
Q5. What will be the type of issue in SBI Mutual Fund IPO?
The IPO is expected to be mainly an Offer for Sale (OFS), where SBI and Amundi may sell part of their stake to the public.
Q6. What could be the estimated size of SBI Mutual Fund IPO?
Reports suggest the IPO size could be around ₹10,000 crore to ₹12,000 crore, making it one of the biggest IPOs in the asset management sector.
Also Read – SBI Enters ₹10 Lakh Crore Club as Q3 Profit Hits Record, Stock Surges 7%
Also Read – SEBI Approved IPO List | Mainboard IPOs in India | Approval Status List
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