SBI Funds Management IPO: Amundi Set To Unlock Nearly ₹4,400 Crore From 15-Year Investment

Amundi India Holding is poised to generate nearly ₹4,400 crore by partially divesting its stake in SBI Funds Management through the company’s proposed initial public offering (IPO). The French asset manager, which invested around ₹173.9 crore in 2011, will sell a portion of its holding while continuing as the second-largest shareholder after the listing.

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Partial Stake Sale Through Offer For Sale

According to the draft red herring prospectus (DRHP), the IPO is entirely an Offer for Sale (OFS) of 203.7 million equity shares, representing 10% of SBI Funds Management’s equity capital. Since the issue does not include a fresh equity component, the company will not receive any proceeds from the offering.

Under the proposed transaction, State Bank of India (SBI) will sell 128.33 million shares, equivalent to a 6.3% stake, while Amundi India Holding will divest 75.37 million shares, or 3.7% of the company. Based on the reported valuation of around ₹1.17 lakh crore, SBI is expected to raise about ₹7,370 crore, while Amundi’s sale could fetch approximately ₹4,330-4,400 crore.

Following the IPO, SBI will retain a 55.46% stake, while Amundi will continue to hold 32.56%, maintaining its strategic partnership with India’s largest lender.

Investment Grew Through Corporate Actions

Amundi became SBI’s foreign partner in 2011 after acquiring Société Générale Asset Management’s interest following the merger of the asset management businesses of Crédit Agricole and Société Générale.

The DRHP states that Amundi India Holding purchased 1.85 million shares on May 30, 2011, for €50 million, equivalent to about ₹173.9 crore at the time. A stock split that reduced the face value from ₹100 to Re 1, followed by a 3:1 bonus issue, increased its holding to 740 million equity shares.

The filing also shows Amundi India’s weighted average acquisition cost at ₹4.35 per share, while SBI’s acquisition cost stands at ₹0.15 per share.

Asset Manager’s Global Presence

Headquartered in Paris, Amundi is Europe’s largest asset manager and ranks among the world’s biggest investment managers. As of December 31, 2025, the company managed nearly €2.4 trillion in assets under management, served more than 200 million retail clients and around 1,000 institutional and corporate clients, and employed approximately 5,600 people, including about 900 investment professionals.

The company is listed on Euronext Paris and is majority owned by the Crédit Agricole Group. Its shares have gained around 24% over the past six months.

SBI Funds Maintains Strong Industry Position

As of December 31, 2025, SBI Funds Management reported quarterly average assets under management (QAAUM) of ₹12.5 lakh crore, accounting for 15.4% of India’s mutual fund industry. Including portfolio management services and advisory mandates, its total QAAUM stood at around ₹29 lakh crore.

The DRHP also notes that Amundi Asset Management was fined €25 million by France’s market regulator in 2021 over compliance failures related to Euro Stoxx 50 futures transactions carried out during 2014-15. The prospectus states that the penalty has been paid and no related proceedings remain pending.