India's largest lender, State Bank of India (SBI), has announced that the Initial Public Offering (IPO) of SBI Funds will open for public subscription on July 14, 2026. According to the Red Herring Prospectus (RHP) filed with the stock exchanges, the public issue will be entirely an Offer for Sale (OFS), with existing shareholders selling up to 20.37 crore equity shares.
The IPO will remain open until July 16, 2026, while the anchor investor portion is scheduled to open on July 13.
SBI Funds IPO: Offer Details
The proposed IPO consists entirely of an Offer for Sale, meaning the company itself will not receive any proceeds from the issue.
Under the offer:
State Bank of India (SBI) will sell 12.83 crore equity shares, representing approximately 6.3% of the company's equity.
Amundi India, the other promoter, will sell 7.54 crore shares, equivalent to nearly 3.7% of the equity.
In total, up to 20.37 crore shares will be offered to investors through the IPO.
Company Valuation
According to media reports, SBI Funds is targeting a valuation between ₹1.15 lakh crore and ₹1.20 lakh crore (around $12.1 billion).
The expected valuation is slightly lower than earlier estimates, which had ranged between $14 billion and $15 billion.
Anchor Investor Subscription Begins July 13
The IPO will open for anchor investors on July 13, 2026, one day before the public issue.
The company has appointed several leading investment banks as book-running lead managers, including:
Kotak Mahindra Capital Company
Axis Capital
SBI Capital Markets
JM Financial
HSBC Holdings
Joint Venture Between SBI and Amundi
SBI Funds is jointly promoted by:
State Bank of India (SBI)
Amundi SA, one of Europe's leading asset management companies
The IPO is aimed at providing an exit opportunity to the existing shareholders through the Offer for Sale route.
SBI Share Price Performance
Ahead of the IPO announcement, State Bank of India (SBI) shares ended Wednesday's trading session 2.04% lower at ₹1,016.90 on the NSE.
During the session:
Opening Price: ₹1,029.60
Day's High: ₹1,038.30
Day's Low: ₹1,011.70
The bank currently commands a market capitalization of approximately ₹7.67 lakh crore, with a Price-to-Earnings (P/E) ratio of 11.18.
Key Dates for SBI Funds IPO
Anchor Investor Issue Opens: July 13, 2026
IPO Opens for Public: July 14, 2026
IPO Closes: July 16, 2026
With SBI's strong brand value and the growing interest in India's asset management industry, the SBI Funds IPO is expected to remain one of the most closely watched public issues of the year. Investors are now awaiting details such as the price band, Grey Market Premium (GMP), allotment schedule, and listing date.
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