SBI Funds IPO: ₹13,000 crore roadshows start in 2026

What is happening and why it matters

SBI Funds Management, India’s largest asset manager, has started pre-IPO roadshows and discussions with potential investors for a proposed initial public offering that could raise about ₹13,000 crore. People familiar with the matter said the company is working toward a launch window between June-end and July, depending on regulatory approvals. The move comes at a time when India’s primary market activity has been described as relatively slower amid macroeconomic uncertainty. A listing by the country’s biggest mutual fund house would be one of the larger financial-sector offerings expected in the near term. The issue is also being positioned to secure strong participation from institutional investors through the anchor book.

Roadshows with large domestic asset managers

According to people aware of the development, SBI Funds has, in recent weeks, met leading Indian asset managers as part of its roadshow programme. Senior executives, including deputy managing director D.P. Singh and Srinivas Jain, Executive Director and Head – Strategy, Digital and Technology, have led meetings with investment teams of the top 20 asset managers. The purpose of these interactions is to gauge demand, build conviction, and seek commitments for the IPO and the anchor portion. People in the know said that discussions with most large institutional investors have now been concluded. One official cited in the report said there were in-person meetings with AMCs to strengthen investor comfort around the issue.

Proposed issue size and likely structure

The proposed IPO size is expected to be around ₹13,000 crore, as cited by multiple people familiar with the plans. The filings referenced in the report indicate the offering is an offer-for-sale (OFS) by existing shareholders rather than a fresh issue of shares. In an OFS structure, proceeds typically go to selling shareholders rather than directly to the company for growth capital. That makes pricing, liquidity and secondary-market demand key considerations for investors assessing the issue. The IPO is being prepared at a time when investors have been selective about new listings, according to the report’s broader market context.

Who is selling and how much stake is on offer

SBI Funds Management is a joint venture between State Bank of India and France-based Amundi SA. As per the information cited, the partners are set to cumulatively offer 203.7 million shares for sale, which equals 20.37 crore shares and translates into a 10% stake in SBI Funds. SBI and Amundi currently hold 61.9% and 36.4% stakes in SBI Funds, respectively. The stake sale would reduce the holdings of the two shareholders in line with the shares sold through the OFS.

Regulatory filings and the expected timing

SBI Funds filed its draft papers for listing on 19 March 2026 with the Registrar of Companies, and the company filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in mid-March, as described in the report. People cited said the company is expected to receive the regulator’s nod in the coming weeks. A person aware of the discussions said: “The aim is to launch the IPO in the first month of the second quarter of FY27 once regulatory approvals come through.” Based on the timeline referenced, the targeted market window is between June-end and July.

Business scale: AUM and market position

SBI Funds is described as India’s largest mutual fund house by assets under management. The report states that the company has assets under management of over ₹12,50,000 crore (₹12.5 lakh crore). For investors, AUM scale matters because it is closely linked to management fee income and overall earnings power in an asset management business. A large AUM base can also indicate distribution reach and customer stickiness, especially for a fund house associated with a major bank-led distribution network. Still, IPO investors typically focus on the mix of assets, fee yields and profitability, alongside market conditions at the time of listing.

Financial snapshot cited in the report

The report includes recent financial figures for the nine months ended December 2025. Profit rose to ₹2,432.9 crore from ₹1,933.0 crore in the corresponding period last year. Revenue increased to ₹3,250.6 crore from ₹2,641.9 crore over the same period. These numbers were presented as evidence of growth alongside rising assets and continued inflows across schemes. The report also notes that market volatility and weaker listing performances in recent months have made investors more cautious about new offerings.

Primary-market backdrop and comparable activity

The planned SBI Funds listing is being prepared at a time when public market activity has slowed, according to the report’s summary, due to macroeconomic uncertainty. If the IPO proceeds on schedule, it could line up with other large expected listings. The report references Manipal Health, whose $1.1 billion IPO is targeting a similar timeline. This clustering of large offerings can influence institutional allocation decisions, particularly for anchor books that compete for capital and attention during the same window.

What the roadshows suggest about investor priorities

The roadshow focus on top asset managers signals that SBI Funds is prioritising institutional feedback on pricing and positioning ahead of the IPO. People familiar with the process said the meetings were intended to secure commitments for the anchor book, a key component for large offerings. The report also notes that emails sent to SBI Funds Management and the investment bankers remained unanswered. That leaves the market relying on disclosures and regulatory filings for confirmation of final timing, structure, and offer details.

Key IPO facts mentioned so far

Conclusion

SBI Funds Management’s pre-IPO roadshows and investor meetings mark a key step toward a potential ₹13,000 crore listing, with a target window of June-end to July subject to regulatory approval. The next milestones, as referenced in the report, are the regulator’s nod and finalisation of anchor commitments before the issue opens.