SBI Funds Management has roped in nine financial institutions to guide its planned initial public offering (IPO), Bloomberg reported, citing sources.
The IPO is expected to raise around $1.4 billion in the first half of 2026.
The advisory group includes Kotak Mahindra Capital, ICICI Securities, SBI Capital Markets, Motilal Oswal Investment Advisors, Axis Bank, JM Financial, as well as the Indian arms of HSBC Holdings, Citigroup and Bank of America.
These appointments are expected to be formalized soon, and estimates suggest the company’s valuation may reach around $14 billion.
Sources indicate that discussions on the structure and scope of the offer are ongoing and subject to review.
SBI Funds Management operates as a joint venture between State Bank of India and Amundi. Last year, both partners revealed plans for an initial public offering that would involve the combined sale of 10% of their stake.
State Bank of India, which owns 61.9% of the asset management company, plans to sell 6.3% of its stake. Amundi, with a 36.4% stake, intends to divest 3.7%.
Representatives of State Bank of India, Amundi SA, SBI Funds Management and listed banks declined to comment.
State Bank of India Chairman CS Setty recently stated in an interview with The Economic Times: “We aim to complete the initial public offering of SBI Mutual Fund within 12 months. There are no plans for further IPOs or stake sales.”
The announcement comes soon after ICICI Prudential Asset Management raised $1.2 billion through an initial public offering (IPO) last month that attracted subscriptions more than 39 times the available shares.
ICICI Prudential AMC currently has a valuation of nearly $14 billion.
“SBI Funds Management Hires Nine Banks for $1.4 Billion IPO: Report” was created and originally published by Private Banker International, a brand owned by GlobalData.
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