SBI Mutual Fund files DRHP for ₹13,000 crore IPO: key details, GMP explained
India's largest AMC files for an IPO — here's what the DRHP actually says about the deal structure, financials, valuation, and GMP.
Team Sahi
India's mutual fund numbers have crossed a point worth paying attention to. Over 9.92 crore SIP accounts were active as of January 2026, monthly SIP contributions hit ₹29,845 crore in February, and the industry's total AUM crossed ₹82 lakh crore.
SBI Mutual Fund has now filed its DRHP with SEBI for a ₹13,000 crore IPO — one of the most anticipated listings in India's financial markets in recent years. Here is what the filing actually tells us.
IPO structure and what it means for investors
The entire issue is an Offer for Sale (OFS). No fresh capital goes to the company. SBI and Amundi India Holding are selling part of their stakes, not raising money for the business.
| Particulars | Details |
|---|---|
| IPO size | ~₹13,000 crore |
| Type | Offer for Sale (OFS) |
| SBI stake sale | 12.83 crore shares |
| Amundi stake sale | 7.53 crore shares |
| Total shares on offer | Up to 20.37 crore shares |
| Current shareholding | SBI: 61.98%, Amundi: 36.40% |
Both shareholders retain their majority positions after the IPO. The business structure stays the same.
How big is SBI Mutual Fund actually?
SBI Funds Management is India's largest AMC by AUM, managing ₹12,499.70 billion in quarterly average assets as of December 2025 — a 15.4% share of the industry. It has held the top spot since 2021.
Beyond mutual funds, it also manages PMS assets. As of December 2025, it was the third-largest non-discretionary PMS manager (₹583.4 billion) and third-largest discretionary PMS manager (₹439.4 billion).
It runs 125 schemes across equity, debt, passive, liquid, and arbitrage categories. Schemes like SBI Contra Fund, SBI Equity Hybrid Fund, SBI Balanced Advantage Fund, and SBI Nifty 50 ETF have been consistently among the largest in their categories by assets.
Financials
The asset-light AMC model means that as AUM grows, margins tend to expand. Here is how SBI Funds Management's numbers have moved:
Financial snapshot (in ₹ million)
| Financial metric | FY23 | FY24 | FY25 | 9M FY26 (Dec 2025) |
|---|---|---|---|---|
| Revenue from operations | 21,615.86 | 26,905.58 | 35,977.57 | 32,506.40 |
| Total income | 24,125.76 | 34,260.79 | 42,361.51 | 38,832.38 |
| Profit for the period | 13,397.13 | 20,727.85 | 25,401.54 | 24,329.12 |
Revenue grew roughly 66% from FY23 to FY25. Return on equity in FY25 was 33.8%, and in the nine months to December 2025, profits were already at ₹2,432.9 crore — close to the full-year FY24 figure.
Valuation
In the unlisted market, SBI Mutual Fund shares are trading at a valuation of roughly ₹1.5 lakh crore. The company is reportedly targeting an IPO valuation of around ₹1.3 lakh crore, which at current earnings translates to a P/E of about 51x.
For context, HDFC AMC trades at roughly 45–50x earnings. SBI Mutual Fund's premium reflects its AUM scale and market share position.
SBI Mutual Fund IPO GMP
There is no grey market premium (GMP) yet. Grey market activity for an IPO typically picks up a few weeks before the subscription window opens. Since the DRHP was filed in March 2026 and the listing is expected around September, there is no GMP data to track at this stage.
Where SBI Mutual Fund fits among listed AMCs
Six AMCs are currently listed on Indian exchanges:
- HDFC AMC
- ICICI Prudential AMC
- Nippon Life India AMC
- UTI AMC
- Aditya Birla Sun Life AMC
- Canara Robeco AMC
SBI Mutual Fund will be the seventh once it lists.
What's driving the timing?
SIP inflows have stayed above ₹29,000 crore every month through early 2026. Equity markets, despite some volatility, have maintained broad retail participation. Digital platforms have pushed mutual fund access well beyond the top metros.
SBI Mutual Fund benefits from SBI's distribution reach across roughly 22,000 branches and Amundi's institutional investment framework. Its revenue also spans mutual funds, PMS, and AIFs — three different income streams rather than one.
Risks worth reading before you invest
Market dependence is real. If equity markets correct sharply and investors pull money out, AUM falls and revenue follows. That risk applies to the whole sector, not just SBI Mutual Fund.
SEBI has been tightening expense ratios over the years, and any further compression would directly affect margins. The company's brand is also licensed from SBI under an agreement, not owned outright — a detail worth noting because it introduces a contractual dependency that most investors don't immediately think about.
What happens next
The company has 12 months from the DRHP filing to list. SBI Chairman CS Setty had previously indicated a September 2026 listing. The IPO is being managed by Kotak Mahindra Capital, Axis Capital, BofA Securities India, HSBC Securities, ICICI Securities, Jefferies India, JM Financial, Motilal Oswal, and SBI Capital Markets.
Price band, lot size, and subscription dates have not been announced. Those details will follow SEBI's review of the DRHP.
The IPO involves no cash going into the business itself. Whether the listing price holds will depend on how investors weigh a premium-valued, market-linked asset manager against a broader equity environment where valuations are already stretched.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Please consult a SEBI-registered advisor before making investment decisions.