State Bank of India (SBI) has announced plans for an initial public offering (IPO) of its subsidiary, SBI Funds Management Limited (SBIFML). The offering involves up to 203,709,239 equity shares, representing 10.0013% of SBIFML’s paid-up equity share capital.
The IPO will include an offer for sale of up to 128,334,397 equity shares, equating to 6.3007% of SBIFML’s paid-up equity share capital, by State Bank of India. Additionally, Amundi India Holding will offer up to 75,374,842 equity shares, accounting for 3.7006% of the paid-up equity share capital of SBIFML.
This move comes after a previous announcement on November 6, 2025, regarding the sale of SBI’s stake in SBIFML. The IPO is contingent upon receiving necessary regulatory approvals, favourable market conditions, and other considerations.
The number of equity shares SBI intends to offer has been revised due to an increase in SBIFML’s equity share capital, attributed to the issuance of bonus shares and the exercise of employee stock options (ESOPs). Initially, SBI planned to offer up to 32,060,000 equity shares, but this has been updated to 128,334,397 equity shares, maintaining the 6.3007% stake in SBIFML’s current equity share capital.
The draft red herring prospectus for the IPO was filed with the Securities and Exchange Board of India (SEBI) on March 19, 2026.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).