SBI Funds Management Moves Closer to IPO, Eyes 2026 Listing

Core Viewpoint - SBI Mutual Fund is planning a significant IPO in 2026, aiming to raise over $1 billion and potentially becoming one of India's largest IPOs in recent years [1][3]. Group 1: IPO Details - The IPO will involve a combined 10% stake divestment by the State Bank of India (SBI) and its joint-venture partner Amundi, with SBI selling approximately 6.3% and Amundi offloading around 3.7% [1]. - The IPO could value SBI Funds Management at around $14 billion, although this valuation is not yet confirmed [3]. Group 2: Advisory and Management - A consortium of major investment banks has been appointed to manage the transaction, including Kotak Mahindra Capital, Axis Capital, SBI Capital Markets, Motilal Oswal, ICICI Securities, JM Financial, and the Indian units of Citigroup, HSBC, and Bank of America [2]. - These advisors are expected to finalize plans ahead of the proposed 2026 listing [2]. Group 3: Market Impact - If successful, this IPO will be the third major SBI subsidiary to be publicly listed, following SBI Cards and SBI Life Insurance, providing investment opportunities for both retail and institutional investors [3].