India’s State Bank of India (SBI) and Europe’s Amundi have announced plans to jointly sell a 10% stake in SBI Funds Management through an IPO — marking one of the most anticipated listings in India’s booming capital markets.
SBI Funds Management is India’s largest asset manager, commanding 15%+ market share and overseeing ₹120 billion ($1.37B) in assets across retail and institutional portfolios.
The IPO — the third listing from SBI’s group after SBI Cards and SBI Life Insurance — is expected to be completed in 2026, with SBI divesting 6% and Amundi 3.7%.
💬 Why It Matters
“This listing will unlock value for the asset manager — the Indian market presents significant development potential,”
said Valérie Baudson, CEO of Amundi, which manages €2.3 trillion globally.
The offering also comes amid record IPO activity in India:
🔹 Over 240 firms raised $10.5B in the first nine months of 2025.
🔹 India now ranks as the third-largest primary market globally.
🔹 Blockbuster listings from Tata Capital, LG Electronics India, and HDB Financial have set the tone for what could be a record-breaking year.
📊 Strategic Context
India’s asset management industry is undergoing rapid institutionalization — fueled by domestic savings growth, digital retail participation, and regulatory modernization.
For global investors, SBI Funds’ IPO highlights India’s emergence as a core market for long-term capital formation.
🔹 The Takeaway
As global asset managers reprice growth markets, India’s financial sector continues to redefine its narrative — not as an emerging story, but as a structural pillar of global capital markets.