SBI Funds Management Ltd is contemplating an initial public offering (IPO) that could raise up to $1.2 billion, anticipated to occur in Mumbai in the first half of 2026, according to sources familiar with the situation. The asset manager, recognized as India’s largest, plans to invite banks to submit proposals for mandates to manage the IPO within the upcoming weeks, said the sources, who requested anonymity due to the confidentiality of the information. The valuation of SBI Funds may reach approximately $12 billion.
Ongoing discussions suggest details surrounding the IPO may still evolve. SBI Funds is a joint venture between State Bank of India Ltd and Amundi SA, both of which announced intentions last week to sell a combined 10% stake through the proposed IPO, slated for 2026.
Requests for comments from Amundi, SBI, and SBI Funds went unanswered.
India has emerged as a significant market for new listings, raising nearly $18 billion this year, with Tata Capital Ltd.’s $1.7 billion IPO being a notable contributor. This figure is fast approaching last year’s record total of around $21 billion, as reported by data compiled by Bloomberg.
Published on November 13, 2025.
