SBI Funds Management looks to raise $1.2 bn via IPO in first half of 2026

India's biggest asset manager plans to ask banks to pitch for mandates to work on the IPO in the coming weeks; SBI Funds may be valued at $12 billion

By Suvashree Ghosh and Rajesh Mascarenhas  SBI Funds Management Ltd. is considering raising as much as $1.2 billion in an initial public offering that could take place in Mumbai in the first half of 2026, people familiar with the matter said. 

India’s biggest asset manager plans to ask banks to pitch for mandates to work on the IPO in the coming weeks, the people said, asking not to be identified because the information is private. SBI Funds may be valued at $12 billion, they said. 

Deliberations are ongoing and details may change, the people said.  

SBI Funds is owned by State Bank of India Ltd. and Amundi SA, which last week said they’d sell a combined stake of 10% through an IPO, likely in 2026.   

Amundi, SBI and SBI Funds didn’t respond to requests for comment. 

India has been one of the world’s busiest venues for new listings, with nearly $18 billion raised this year, led by Tata Capital Ltd.’s $1.7 billion IPO. That’s approaching last year’s record of about $21 billion, data compiled by Bloomberg show.