Kolkata: The largest AMC (asset management company) of India, SBI MF, which is an arm of the largest bank in India is going to file papers with capital markets regulator Sebi in February, reports have stated. The company is going to list this year as the primary issue market remains buoyant. The current shareholders SBI and Amundi are going to cumulatively offer 10% of their stake it has been said.

SBI MF is a giant in the mutual fund industry. It is the country’s largest asset management company with Average Assets Under Management in excess of Rs 12.76 lakh crore at the end of the Q3FY26 period. It is a JV between State Bank of India (61.9% stake) and Amundi (36.36% stake), which is one of the leading asset management companies of Europe and is based in Paris. SB MF is supposed to hold more than 15% of the Indian mutual fund industry’s assets.

Valuations

Reports state that it can be one of the biggest public issues in recent times. It has also been stated that investment bankers have already pitched for a public issue with valuations between $1.2 billion and $1.4 billion and the AMC has been valued at $12 bn to $14 bn. In FY25, SBI earned as much as Rs 4,230.92 crore, thanks to its stake in SBI MF.

SBI MF authorities intend to mobilise in excess of $1 billion via the public issue. SBI Funds Management reportedly has tied up with as many as nine banks to guide them on the proposed IPO. These merchant bankers are Kotak Mahindra Capital, Axis Capital, SBI Capital Markets, Motilal Oswal Investment Advisors, ICICI Securities and JM Financial, along with Indian business units of Citigroup, HSBC and Bank of America.

Stake sale confirmed

In late 2025, there was a formal decision to sell stake in SMI MF. On November 6, State Bank of India communicated to the stock exchanges that the boar do fthe bank has given the nod to sell 6.3% stake, which numbered 3.206 crore shares. While a total 10% dilute of promoters stake has been fixed, the other 3.7% will be sold by Amundi India, which is the Indian venture of the French MNC. Amundi will sell about 18.83 million shares.

Timing is right

The Indian IPO market is in the mood to set records. Its high water mark in 2024 was eclipsed in 2025, when mainboard IPOs cumulatively raised as much as Rs 1,75,901 crore, a record. The market pundits are saying 2026 will surge far ahead and are not even ruling out that companies can raise as much as Rs 4 lakh crore via public issues — both mainboard and SME issues — this year. In the third week of December, while interacting with the medias, SBI chairman C S Setty said that they expect to wrap up the listing of SBI MF in 2026.

SBI MF will be the third SBI subsidiary to be listed. SBI Life Insurance and SBI Cards are already traded in the stock exchanges. Significantly, another leading AMC of India ICICI Prudential Asset Management achieved major success with its IPO in 2025. Its Rs 10,602.65-crore IPO was subscribed more than 39 times. It was an OFS issue too.

(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, precious metals, commodity, REITs, InvITs and any form of alternative investment instruments and crypto assets.)