SBI Funds Management IPO
LISTEDMAINBOARDSUBSCRIBEListing Performance
▲ 6.85%
Issue Price
₹574
Listing Price
₹613
Listed On
21 Jul 2026
- Price Band
- ₹545 – ₹574
- Lot Size
- 26
- Lot Value
- ₹14,924
- Open Date
- 14 Jul 2026
- Close Date
- 16 Jul 2026
- Min Investment
- ₹14,924
SBI Funds Management — Live Stock Performance
IPO Timeline
Issue Opens
14 Jul 2026 · Tue
Issue Closes
16 Jul 2026 · Thu
Bidding Cut-off (UPI Mandate)
16 Jul 2026 · 5:00 PM IST
Allotment
17 Jul 2026 · Fri
Listing
21 Jul 2026 · Tue
About SBI Funds Management
SBI Funds Management is an asset management company offering mutual funds, portfolio management services, and specialized investment funds to retail and institutional investors. The company operates under a trust structure as SBI Mutual Fund with significant assets under management and distribution through SBI's branch network.
The company generates revenue through management fees on assets under management across mutual funds, portfolio management services, and specialized investment funds, as well as performance fees from discretionary PMS mandates.
Investment Analysis
Quick Analysis: 6 strengths · 6 risk factors· Exchange: BSE, NSE
Strengths (6)
- •Largest AMC in India by mutual fund QAAUM with 15.3% market share as of March 2026
- •Lowest operating expense ratio of 0.08% among top 10 AMCs, demonstrating scale advantages
- •Strong parentage from SBI and Amundi SA providing distribution reach and global investment expertise
- •Diversified revenue base with top 10 schemes representing 46.45% of mutual fund scheme revenue
- •Large investment team of 71 professionals with average 17.8 years financial services industry experience
- •Pan-India distribution across 132,519 MFDs with presence in 98.19% of India's pin codes
Risk Factors (6)
- •First public issue with no formal market history; offer price not indicative of post-listing trading price.
- •Investments in equity securities involve risk of losing entire investment; no guaranteed active trading.
- •Financial statements prepared under Ind AS differ from IFRS and US GAAP; reconciliation not provided.
- •Company operates in mutual funds and asset management; subject to SEBI regulatory changes and restrictions.
- •Promoter selling shareholders divesting significant stakes; potential impact on company governance and control.
- •Consolidated financials not yet approved by shareholders; audited statements pending AGM approval on July 17, 2026.
📊 Algorithmic Score
Computed from issue structure — GMP, fresh issue %, OFS %, issue size
Why do these differ? The Algorithmic Score measures issue quality (structure, size, promoter commitment). The Demand Analysis measures investor interest signals (subscription, GMP, risks). A high-quality issue can still have unconfirmed demand — especially before subscription opens.
✍️ Demand & Risk Analysis
Based on market demand signals — subscription, GMP trend, risk factors
IPO Market Analysis
▲ Listed +6.8%Strong investor demand with 34x subscription suggests positive listing momentum. GMP indicates market expects a listing premium.
Pre-listing prediction: SUBSCRIBE
IPO Details
| Registrar | KFin Technologies Limited |
| Exchange | BSE, NSE |
| ISIN | — |
| Face Value | ₹1 |
| Issue Size | ₹9795.31 Cr |
| Fresh Issue | — |
| OFS Size | — |
| Lead Managers | Kotak Mahindra Capital Company Limited, Axis Capital Limited, BofA Securities India Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, Jefferies India Private Limited, JM Financial Limited, Motilal Oswal Investment Advisors Limited, SBI Capital Markets Limited |
Company Fundamentals
7 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | ₹20.37 Cr |
| Equity Shares (Pre-Issue) | — |
| Equity Shares (Post-Issue) | — |
Source: SBI Funds Management offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in SBI Funds Management's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in SBI Funds Management's filing.
Source: SBI Funds Management offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
Reservation split not disclosed in this filing.Not disclosed in SBI Funds Management's filing.
OFS Selling Shareholders
- State Bank of India12,83,34,397 sh
- Amundi India Holding7,53,74,842 sh
Source: SBI Funds Management offer document (DRHP/RHP).
Board & Management
Board of Directors (10)
- Challa Sreenivasulu Setty
Chairman and Non-Executive Director
- Debasish Mishra
Managing Director and Chief Executive Officer
- Denys Charles Jean Marie Fougeroux De Campigneulles₹0.04 Cr p.a.
Executive Director and Deputy Chief Executive Officer
Investment management certificate from Institute of Investment Management and Research, London; licensed person with Securities and Futures Commission, Hong Kong
Over 32 years in asset management sector
- Ashwini Kumar Tewari
Non-Executive Director
- Olivier Philippe Mariée
Non-Executive Director
- Moiz Mohsin Miyajiwala₹0.03 Cr p.a.
Independent Director
Bachelor's degree in law and arts from University of Bombay; member of Institute of Chartered Accountants of India
Over 33 years; previously associated with Voltas Limited as executive vice president – finance
- Sudha Krishnan₹0.03 Cr p.a.
Independent Director
Bachelor's degree in arts (honours) and master's degree in arts from University of Delhi; master's degree in public administration from George Mason University, Virginia
Over 41 years in finance and public administration sector
- Shekhar Bhatnagar₹0.03 Cr p.a.
Independent Director
Bachelor's degree in science from University of Lucknow; master's degree in business administration from University of Delhi; junior associate of Indian Institute of Bankers
Over 34 years; previously associated with Reserve Bank of India as chief general manager-in-charge, Foreign Exchange Department
- Hemant Ratnakar Adarkar₹0.02 Cr p.a.
Independent Director
Doctor of philosophy degree in physics from University of Bombay
Over 13 years; currently senior fellow and technology advisor at Artha- India Research Advisors Private Limited
- Sanjay Prakash₹0.01 Cr p.a.
Independent Director
Bachelor's of arts degree in economics (honours) from Jadavpur University, Kolkata; advanced management program from Harvard Business School, USA
Over 40 years in financial services; previously associated with HSBC group, ANZ Grindlays Bank, and International Finance Corporation
Key Managerial Personnel (3)
- Devinder Pal Singh₹1.59 Cr p.a.
Joint Chief Executive Officer
Bachelor's degree in commerce from Multani Mal Modi Degree College, Patiala; master's degree in commerce from Government Bikram College of Commerce, Patiala; diploma in personnel management and industrial relations from Punjabi University
Over 20 years; previously associated with State Bank of India as senior management grade scale - V officer; joined company on January 1, 2006
- Inderjeet Ghuliani₹0.40 Cr p.a.
Chief Financial Officer
Bachelor's degree in commerce from Punjab University; member of Institute of Chartered Accountants of India and Institute of Cost Accountants of India; fellow member of Insurance Institute of India; CAIIB from Indian Institute of Banking and Finance; advanced diploma in management accounting from CIMA
Over 36 years; previously associated with Bank of India, JCT Limited, Northern Digital Exchanges Limited, Crompton Greaves Limited, and other financial institutions; joined company on June 16, 2008
- Vinaya Datar₹0.63 Cr p.a.
Chief Compliance Officer, Company Secretary and Head Legal
Bachelor's degree in science from University of Bombay; bachelor's degree in law from Government Law College, University of Mumbai; associate member of Institute of Company Secretaries of India; certification in financial markets (NCFM) from NSE
Over 27 years; previously associated with Mirae Asset Global Investments, UTI Infrastructure and Services Limited, Reliance Capital Asset Management Limited, and other companies; joined company on January 15, 2009
Source: SBI Funds Management offer document (DRHP/RHP).
Industry & Market
Largest AMC in India by mutual fund QAAUM with 15.3% market share as of March 31, 2026
Per CRISIL Intelligence - Assessment of Mutual Fund industry in India (July 2026), a report commissioned by the company (not independent).
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 26 | ₹14,924 |
| Retail (max) | 13 | 338 | ₹1,94,012 |
| S-HNI (min) | 14 | 364 | ₹2,08,936 |
| S-HNI (max) | 66 | 1,716 | ₹9,84,984 |
| B-HNI (min) | 67 | 1,742 | ₹9,99,908 |
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| SBI Funds Management | — | 15.08 | 43.02 | 29.28 |
| ICICI Prudential Asset Management Company Limited | 49.38 | 66.73 | 85.8 | 84.39 |
| HDFC Asset Management Company Limited | 41.71 | 66.77 | 32.9 | 215.42 |
| Nippon Life India Asset Management Limited | 51.1 | 24.05 | 34.5 | 73.01 |
| Aditya Birla Sun Life Asset Management Company Limited | 34.46 | 33.76 | 25.53 | 139.94 |
| UTI Asset Management Company Limited | 31.57 | 31.51 | 11.22 | 350.5 |
Material Litigation
The company faces multiple material litigations including criminal complaints related to unauthorized redemptions of mutual fund units, civil succession petitions, and consumer cases. Material litigation against the company involves alleged fraudulent nominee registrations and unauthorized fund transfers, with aggregate amounts involved in legal proceedings against the company totaling ₹1,485.53 million.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:KFin Technologies Limited→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
3-Year Financial Summary
Revenue trend
↑ FY23→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 4,389.49 | 3,067.38 | 15.08 | — | 43.02% |
| FY24 | 3,597.76 | 2,540.15 | — | — | — |
| FY23 | 2,690.56 | 2,072.79 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| Total Income | 3,426.08 | 4,236.15 | 4,976.11 |
| EBITDA | 2,718.82 | 3,412.94 | 4,058.44 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
38.1x
Price ÷ EPS
EPS (FY25)
₹15
Earnings per share
RoNW
43.02%
Return on net worth
ROCE
—
Not in abridged DRHP
EBITDA margin
92.5%
EBITDA ÷ revenue
Price/NAV
19.60x
Price ÷ NAV (as reported)
Subscription Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.07x | 0.40x | 114.96x |
| sNII (S-HNI) | 0.95x | 3.86x | 11.81x |
| bNII (B-HNI) | 1.21x | 6.51x | 24.59x |
| Retail | 0.34x | 0.95x | 2.30x |
| Total | 0.45x | 1.89x | 34.16x |
Colour: red <1x · green 1–5x · blue 5–10x · orange >10x.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
2.30x
Allotment Ratio
1 lot per 3 applicants
Allotment Probability
~43.5%
Non-Institutional Investors (NII / HNI)
Subscription
20.33x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
114.96x
Allotment Type
Discretionary allotment
Total Subscription
34.16x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
Recently Listed IPOs
| Company | Listed | Listing Gain |
|---|---|---|
| LEAP India | 14 Aug 2026 | — |
| Technocraft Ventures | 14 Aug 2026 | — |
| Ardee Industries | 12 Aug 2026 | +35.85% |
Related IPOs
Documents
Frequently Asked Questions
When is the SBI Funds Management IPO opening?
The SBI Funds Management IPO opens on 14 Jul 2026 and closes on 16 Jul 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the SBI Funds Management IPO?
The price band for the SBI Funds Management IPO is ₹545 to ₹574. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the SBI Funds Management IPO?
The minimum lot size is 26 shares with a minimum investment of ₹14,924. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of SBI Funds Management IPO today?
The latest Grey Market Premium for SBI Funds Management is ₹97 (+16.90%). GMP is unofficial data and is not a guarantee of listing price.
When will the SBI Funds Management IPO list on NSE and BSE?
The SBI Funds Management IPO is expected to list on 21 Jul 2026 on BSE, NSE. Actual listing day trading begins at the start of the normal market session.
How can I check the SBI Funds Management IPO allotment status?
The registrar for this IPO is KFin Technologies Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the SBI Funds Management IPO a mainboard or SME issue?
SBI Funds Management is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the SBI Funds Management IPO?
You can apply for the SBI Funds Management IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA. Use the Apply Now buttons on this page to go directly to the broker.
What is the expected listing price of SBI Funds Management IPO?
Based on the current GMP of ₹97, the expected listing price of SBI Funds Management is ₹671 (issue price ₹574 + GMP ₹97). Note that GMP is unofficial grey market data and actual listing price may differ.
What is the allotment ratio for SBI Funds Management IPO?
Based on the retail subscription of 2.30x, the estimated allotment ratio is 1 lot per 3 applicants (approximately 43.5% chance of allotment). This is an estimate and actual allotment may vary.
Should I subscribe to SBI Funds Management IPO?
Based on our algorithmic analysis, SBI Funds Management IPO is rated SUBSCRIBE with high confidence. Strong investor demand with 34x subscription suggests positive listing momentum. GMP indicates market expects a listing premium. This is not investment advice — please read the DRHP and consult a financial advisor before investing.
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