SBI Funds Management IPO 2026: ₹545-574 band, key dates

What has been announced

SBI Funds Management, India’s largest asset manager, has set the price band for its upcoming initial public offering at ₹545 to ₹574 per equity share (face value Re 1). The IPO is scheduled to open for subscription on Tuesday, July 14, 2026 and close on Thursday, July 16, 2026.

The issue is structured as a book-building IPO and is entirely an offer for sale (OFS). That means SBI Funds Management will not issue new shares, and it will not receive any proceeds from the IPO.

Reuters reported the IPO could seek a valuation of up to about ₹1.17 trillion (around $12.24 billion). Separately, other reports cited discussions around a valuation range of ₹1.15 trillion to ₹1.20 trillion, lower than an earlier plan of about $14 billion to $15 billion.

Issue structure: OFS only, no fresh issue

According to regulatory filings and reports cited in the provided information, the IPO consists of up to 203.71 million equity shares (about 20.37 crore shares), representing up to 10% of the company’s paid-up equity share capital. Because it is an OFS, the selling shareholders are existing promoters.

State Bank of India (SBI) will divest up to 128.33 million shares, described as roughly a 6% stake in one filing, and also referenced as about 6.3% in draft prospectus-based reporting. Joint venture partner Amundi India Holding will sell up to 75.37 million shares, described as about a 3.70% stake.

Reports also referenced a total issue size of up to ₹11,102 crore, and other coverage pegged the fundraise at roughly $1.2 billion (around ₹11,400 crore). These figures are broadly consistent in indicating a large secondary sale with no capital inflow to the issuer.

Key IPO dates and timetable

The anchor investor portion is scheduled for Monday, July 13, 2026, one working day before the public issue opens. The public bidding window runs for three days from July 14 to July 16.

The basis of allotment is expected to be finalised on Friday, July 17, 2026. Refunds are expected to be initiated on Monday, July 20, 2026, and shares are expected to be credited to demat accounts the same day. Listing on the BSE and NSE is indicated for Tuesday, July 21, 2026.

Price band, lot size, and employee discount

The price band has been fixed at ₹545 to ₹574 per share. The lot size is 26 equity shares and in multiples of 26 thereafter.

Eligible employees are offered a discount of ₹54 per equity share. The presence of an employee discount typically aims to support internal participation, but it does not change the fact that the offer proceeds flow to selling shareholders in an OFS.

Investor category reservation

The public issue includes specified reservations across investor categories. The allocation is stated as not more than 50% for qualified institutional buyers (QIB), not less than 15% for non-institutional investors (NII), and not less than 35% reserved for retail investors.

In addition, the QIB portion is stated to close on Wednesday, July 15, 2026, a day before the issue closes for other categories, based on the provided text.

Who is selling and how much

The selling shareholders are SBI and Amundi India Holding. Combined, they are offloading about 10% of SBI Funds Management’s paid-up equity capital through the IPO.

Lead managers and registrar

The book running lead managers named in the issue details include Kotak Mahindra Capital Company Limited, Axis Capital Limited, BofA Securities India Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, Jefferies India Private Limited, JM Financial Limited, Motilal Oswal Investment Advisors Limited, and SBI Capital Markets Limited.

KFin Technologies Limited is listed as the registrar to the issue.

Regulatory status and conditions

The provided information states that the Securities and Exchange Board of India (SEBI) has approved the IPO, with one report noting approval was granted on June 12, 2026, and that the draft red herring prospectus (DRHP) had been filed on March 19, 2026.

At the same time, the IPO is described as subject to receipt of necessary regulatory approvals, prevailing market conditions, and other customary considerations. Readers should note that some sections of the provided text include older placeholders such as “TBA” for price band and lot size, but later details specify the ₹545-574 band and a 26-share lot.

Market impact: what investors should track

Because the IPO is a pure OFS, it primarily provides an exit route and price discovery for existing shareholders rather than raising growth capital for the company. For investors, the key numbers to track are the implied valuation (reported up to about ₹1.17 trillion), the issue size in shares (about 20.37 crore), and the offer size in rupees (reported up to ₹11,102 crore).

The category-wise reservation and the anchor book on July 13 are also important for demand signals, particularly for a large financial-sector listing. The listing is expected on both NSE and BSE, which typically supports liquidity and broader participation.

Conclusion

SBI Funds Management’s IPO is set to open on July 14, 2026 with a price band of ₹545-574 and a 26-share lot size, structured entirely as an offer for sale by SBI and Amundi India Holding. The next immediate milestone is anchor bidding on July 13, followed by the three-day public subscription window and the expected listing on July 21, 2026.