SBI Funds Management, India's largest asset manager and a joint venture between the State Bank of India and Amundi, is set to launch a $1.2 billion initial public offering (IPO). The IPO is expected to value the company at approximately $12.3 billion, with SBI and Amundi collectively selling 10% of their shares.
The anchor book for the IPO has been met with extraordinary demand, being subscribed nearly 20 times over, according to sources familiar with the matter. This strong interest comes from a variety of prominent investors, including Abu Dhabi Investment Authority (ADIA), Singapore's GIC, Capital Group, BlackRock, and Goldman Sachs.
Despite the significant institutional demand, the fund house plans to reserve 50% of the offering for individual investors. This move is part of the company's strategy for its public issue, which is poised to be India's largest IPO since early 2026. The offering is expected to kick off a busy pipeline of public listings for India in the second half of 2026, with other major IPOs like Reliance Jio and the National Stock Exchange also anticipated.
At the end of March 2026, SBI Funds Management managed assets worth $131.1 billion (12.5 trillion Indian rupees). The strong international and domestic institutional interest in the IPO highlights continued global investor confidence in India's capital markets. While ADIA, GIC, Amundi, and SBI Funds Management declined to comment, the level of oversubscription indicates robust market appetite.
