State Bank of India (SBI) and Europe’s largest asset manager, Amundi SA, have hired nine banks to lead a USD 1.4 bn (INR 110-130 bn) initial public offering of SBI Funds Management in 1H 2026, Bloomberg reports. The agreement involves a combined 10% secondary stake sale — 6.3% from SBI and 3.7% from Amundi — valuing India’s largest fund house at approximately USD 14 bn.

SBI Funds has lined up nine banks to advise on the issue: Kotak Mahindra Capital, Axis Bank, SBI Capital Markets, Motilal Oswal, ICICI Securities, JM Financial, and Indian units of Citigroup, HSBC, and Bank of America, with appointments expected to be formalized soon.

Big fish: SBI Funds Management commands a 15.5% market share in India’s mutual fund industry with total assets of INR 28.3 tn (USD 314 bn). For foreign allocators, this is a liquidity bridge into India’s surging retail wealth sector.

Why it matters? Amundi is a familiar partner in the Middle East, with its Dubai office managing USD 34 bn for regional players. This listing provides a vehicle for sovereign funds to gain exposure to India’s mutual fund boom, following the blockbuster debut of ICICI Prudential Asset Management, which raised USD 1.2 bn.

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