SBI, French partner Amundi to divest 10% in SBI Funds via IPO

State Bank of India (SBI) and France’s Amundi will jointly sell a 10% stake in their jointly-owned asset management firm, SBI Funds Management (SBIFML), through an initial public offer (IPO).

The country’s largest lender will divest 6.3% of its stake in the fund house in the issue, while Europe’s largest asset management will sell 3.7% of its holding.

Currently, SBI and Amundi India Holding hold 61.91% and 36.36% stake in SBI Funds, the country’s largest mutual fund, respectively. The IPO Framework Agreement is expected to be executed on November 10 and is likely to be completed in 2026, said a release by SBI.

“SBI Funds Management Limited (SBIFML) will be the third subsidiary of SBI to be listed after SBI Cards and SBI Life Insurance,” said SBI chairman Shri Challa Sreenivasulu Setty in the release.

The firms intend to sell a total of 5.08 crore shares of SBI Mutual Fund.

In the unlisted space, the stock was trading at ₹2,650 on Thursday.

SBI Funds Management, with a market share of 15.55%, managed a quarterly average assets under management of ₹11.99 lakh crore across various mutual fund schemes and AUM of ₹16.32 lakh crore under Alternates as on September 30.

SBI Mutual Fund will be the seventh asset manager to list on domestic bourses after HDFC MF, Nippon Life, UTI AMC, Aditya Birla SL AMC, Canara Robeco and Shriram Asset Management.