State Bank of India to Sell Stake in SBI Funds Management Limited Through IPO
State Bank of India announced on March 20, 2026, that SBI Funds Management Limited (SBIFML), a subsidiary, has filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering (IPO). The IPO aims to offer up to 203,709,239 equity shares with a face value of Rs. 1 each, representing up to 10.0013% of SBIFML's paid-up equity share capital.The IPO includes an offer for sale of up to 128,334,397 Equity Shares by State Bank of India (6.3007% of SBIFML's paid-up equity share capital) and up to 75,374,842 Equity Shares by Amundi India Holding (3.7006% of SBIFML's paid-up equity share capital). The number of shares offered by State Bank of India has been revised from an initial 3,20,60,000 due to an increase in SBIFML's equity share capital resulting from bonus shares and employee stock option plan (ESOP) exercises.
The IPO will be conducted through a book-building process and is subject to regulatory approvals and market conditions.
Financial Details of SBIFML for Fiscal Year 2024-25:
| Detail | Amount (Rs. Cr) | Percentage of SBI Group |
|---|---|---|
| Total Income | 4,230.92 | 0.64% |
| Reserve & Surplus | 5,108.56 | 1.19% |
The price band and offer price will be determined in accordance with applicable regulations. The transaction does not constitute a related party transaction.
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