SBI Mutual Fund Receives SEBI Approval For ₹13,000 Crore IPO

SBI Mutual Fund has received regulatory clearance from the Securities and Exchange Board of India (SEBI) for its proposed ₹13,000 crore initial public offering, setting the stage for one of the largest listings in the domestic asset management industry.

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The IPO will be entirely an offer for sale (OFS), with no fresh issue of shares. Existing shareholders State Bank of India and Amundi India Holding will dilute a part of their holdings through the public issue. As no new shares will be issued, the proceeds will go to the selling shareholders.

The company is expected to launch the IPO next month, subject to market conditions and completion of formalities.

Largest Asset Manager By AUM

SBI Mutual Fund managed average assets worth nearly ₹12.5 lakh crore as of December 2025, making it the country’s largest asset management company. The fund house has built a strong presence across equity, debt and hybrid schemes, benefiting from the steady rise in retail participation in mutual funds.

The proposed listing will add another major player to the listed asset management space, which currently includes HDFC Asset Management Company, Nippon Life India Asset Management, ICICI Prudential Asset Management, UTI Asset Management Company and Aditya Birla Sun Life AMC.

Offer For Sale Structure

The IPO will not involve any capital raising by SBI Mutual Fund. Instead, the issue has been structured solely as an OFS, allowing the existing promoters to monetize a portion of their investments.

State Bank of India and France-based Amundi jointly own the asset management company. The proposed public issue is expected to be among the biggest offerings in the financial services sector this year.

Growing Mutual Fund Industry

India’s mutual fund industry has witnessed strong expansion in recent years, supported by rising systematic investment plan (SIP) inflows and growing participation from individual investors. Asset management companies have benefited from higher assets under management and an expanding investor base.

Since the approval has been granted by SEBI, SBI Mutual Fund is poised to be the next player in the list of AMCs that are listed. Listing would give another chance for investors to invest in the development of the asset management industry in India.