SBI FUNDS MANAGEMENT LTD IPO: Company Review, Subscription and Allotment Updates
2026-07-14 — Company overview and issue details SBI FUNDS MANAGEMENT LTD IPO (ABOUT THE COMPANY) SBI FUNDS MANAGEMENT LTD – COMPANY BACKGROUND SBI Funds Management Ltd is the asset management company for SBI Mutual Fund and ranks on top…
2026-07-14 — Company overview and issue details
SBI FUNDS MANAGEMENT LTD IPO (ABOUT THE COMPANY)
SBI FUNDS MANAGEMENT LTD – COMPANY BACKGROUND
SBI Funds Management Ltd is the asset management company for SBI Mutual Fund and ranks on top in terms of overall AUM and in terms of equity AUM. SBI Mutual Fund is a joint venture between State Bank of India and Amundi. As part of its product offerings, SBI Funds Management Ltd offers equity funds, debt funds, hybrid funds, passive funds, and PMS services. As of 2025 close, the AMC manages closer to ₹16.32 trillion in assets, representing around 15.5% of the total Mutual Funds AUM in India. The fund directly services more than 1.61 crore investors across its various schemes.
SBI Funds Management Ltd has been promoted by State Bank of India, Amundi India Holdings, and Amundi Asset Management. The IPO will be entirely an offer for sale by the promoter shareholders with no fresh issue component. Both State Bank of India and Amundi India Holdings will be offering shares in the IPO. The fund had completed a pre-IPO placement of over ₹1,800 crore, which was reduced from the IPO size. The issue is being lead-managed by Kotak Mahindra Caital, Axis Capital, BOFA Securities, HSBC India, ICICI Securities, Jefferies India, JM Financial, Motilal Oswal Investment Advisors, and SBI Caps; while KFIN Technologies Ltd (KFINTECH) are the registrars to the IPO.
HIGHLIGHTS OF THE IPO ISSUE OF SBI FUNDS MANAGEMENT LTD
Here are the key highlights of the public issue of SBI Funds Management Ltd.
The IPO is open from July 14th, 2026 to July 16th, 2026. It has a face value of ₹1 per share and the IPO price band has been fixed in the range of ₹545 to ₹574 per share.
The IPO of SBI Funds Management Ltd will be entirely an offer for sale (OFS) by the promoter shareholders of the company; SBI and Amundi India Holdings.
The offer for sale (OFS) portion of the IPO comprises the sale of 17,09,56,631 shares (1,709.57 lakh shares), which at the upper band price of ₹574 per share, translates into OFS of ₹9,795.32 crore. This is after factoring in employee discount of ₹54 per share.
Therefore, the overall IPO issue will comprise of an OFS of 17,09,56,631 shares (1,709.57 lakh shares), which at the upper price band of ₹574 per share translates into overall issue size of ₹9,795.32 crore. This is after the employee discount of ₹54 per share.
Due to the dilutive impact of the promoter participation in the offer for sale (OFS); promoter’s stake in the company will get reduced from 98.02% to 89.79% of the total shares outstanding post the IPO.
The IPO of SBI Funds Management Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation happened on July 13, 2026.
KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES
Here are the key dates pertaining to the IPO of SBI Funds Management Ltd
| Event | Tentative Date |
|---|---|
| IPO Open Date | Tuesday, 14 July, 2026 |
| IPO Close Date | Thursday, 16 July, 2026 |
| Basis of Allotment | Friday, 17 July, 2026 |
| Initiation of Refunds to non-allottees | Monday, 20 July, 2026 |
| Credit of Shares to Demat | Monday, 20 July, 2026 |
| Listing Date on NSE and BSE | Tuesday, 21 July, 2026 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Investor Category | Share Allocation | % Share |
|---|---|---|
| Reservation for Employees | 32,57,347 shares | 1.73% of total IPO size |
| Reservation for Shareholders | 1,30,55,629 shares | 7.65% of total IPO size |
| Anchor Allocation | 4,63,93,095 shares | 27.19% of total IPO size |
| QIB Shares Offered | 3,09,28,731 shares | 18.12% of total IPO size |
| NII (HNI) Shares Offered | 2,31,96,549 shares | 13.59% of total IPO size |
| Retail Shares Offered | 5,41,25,280 shares | 31.72% of total IPO size |
| Total Shares Offered | 17,09,56,631 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement.
Here is a quick look at the lot sizes applicable for the IPO of SBI Funds Management Ltd for various categories of investors.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 26 | ₹ 14,924 |
| Retail (Max) | 13 | 338 | ₹ 1,94,012 |
| S-HNI (Min) | 14 | 364 | ₹ 2,08,936 |
| S-HNI (Max) | 67 | 1,742 | ₹ 9,99,908 |
| B-HNI (Min) | 68 | 1,768 | ₹ 10,14,832 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 26 shares)
FINANCIAL HIGHLIGHTS OF SBI FUNDS MANAGEMENT LTD
The table captures the key financials of SBI Funds Management Ltd for last 3 financial years.
| Particulars | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Revenues (₹ in crore) | 4,976.11 | 4,236.15 | 3,426.08 |
| Sales Growth (%) | 17.47% | 23.64% | |
| Profit after Tax (₹ in crore) | 3,067.38 | 2,540.15 | 2,072.79 |
| PAT Margins (%) | 61.64% | 59.96% | 60.50% |
| Total Equity (₹ in crore) | 5,963.06 | 8,297.53 | 6,747.75 |
| Total Assets (₹ in crore) | 6,420.45 | 8,771.86 | 7,106.93 |
| Return on Equity (%) | 51.44% | 30.61% | 30.72% |
| Return on Assets (%) | 47.78% | 28.96% | 29.17% |
| Asset Turnover Ratio (X) | 0.78 | 0.48 | 0.48 |
| Earnings per share (₹) | 15.04 | 12.50 | 10.23 |
| PBT (₹ in Crore) | 4,005.49 | 3,364.34 | 2,673.62 |
| PBT Margins (%) | 80.49% | 79.42% | 78.04% |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
One of the highlights of AMC stocks in India is the high net profit margins and ROE that they enjoy. SBI Funds Management Ltd has maintained net profit margins at around 60% over the last 3 years. Due to low expense ratios of the AMC, any improvement in the top line gets directly reflected in the net profits.
VALUATION METRICS OF SBI FUNDS MANAGEMENT LTD IPO
If one looks at the valuation of the company based on the latest FY26 full-year EPS of ₹15.04 per share, it is trading at around 38.2X earnings at the upper band IPO price of ₹574 per share. That is reasonable valuations for the AMC sector in India, which has consistently maintained robust levels of ROE and PAT margins over the last three years. Also, most of the AMCs in India have offered very attractive dividend yield to shareholders.
For investors who missed out investing in AMCs in the last few years, they have an opportunity to participate in the biggest AMC in India by size and reach. SBI Funds Management Ltd also has aggressive plans to leverage the SBI customer data to sell more of investment solutions to banking customers. In terms of P/E, SBI AMC is being valued at lower than other large AMCs like ICICI Pru, HDFC AMC, and Nippon India AMC. That should also offer investors the much-needed valuation comfort.
2026-07-14 — Anchor allocation
SBI FUNDS MANAGEMENT LTD IPO (ANCHOR ALLOCATION 27.19%)
BRIEF ON ANCHOR ALLOCATION OF SBI FUNDS MANAGEMENT LTD
The anchor issue of SBI Funds Management Ltd saw a strong response on 13th July 2026 with 27.19% of the IPO size absorbed by anchors. Out of 17,09,56,631 shares (1,709.57 lakh shares) on offer in the IPO, anchors picked up 4,63,93,095 shares (463.93 lakh shares) accounting for 27.19% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹574 per share. This includes the face value of ₹1 per share plus a share premium of ₹573 per share. The anchor bidding opened and closed on 13th July 2026.
KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS
Here are the key details pertaining to the anchor bidding of SBI Funds Management Ltd
| Bid Date | July 13, 2026 |
|---|---|
| Shares Offered | 4,63,93,095 shares |
| Anchor Portion Size (₹ in crore) | ₹2,662.96 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | Aug 18, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Oct 17, 2026 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
MAJOR ANCHOR ALLOCATION INVESTORS IN SBI FUNDS MANAGEMENT LTD
On 13th July 2026, SBI Funds Management Ltd allotted 4,63,93,095 shares to a total of 129 anchor investors. The allocation was done at the upper IPO price band of ₹574 per share which resulted in overall anchor allocation of ₹2,662.96 crore. The anchors have already absorbed 27.19% of the total issue size of ₹9,795.32 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹1,100.47 crores, or, 41.32% of the overall anchor allocation of shares, one trading day ahead of the IPO of SBI Funds Management Ltd. The individual anchor allocation of top-10 investors is indexed descending on the number of shares allotted, and captured in the table below.
| Anchor Investors | No. of Shares | % of Anchor Portion | Value Allocated | |
|---|---|---|---|---|
| 01 | Capital Group Global Equity Fund | 31,35,886 | 6.76% | ₹ 180.00 |
| 02 | Life Insurance Corp of India | 31,35,886 | 6.76% | ₹ 180.00 |
| 03 | Government of Singapore | 26,54,782 | 5.72% | ₹ 152.38 |
| 04 | Nomura India Investment Mother Fund | 15,67,930 | 3.38% | ₹ 90.00 |
| 05 | Blackrock Global Funds - India | 15,67,930 | 3.38% | ₹ 90.00 |
| 06 | ADIA - Monsoons | 15,67,930 | 3.38% | ₹ 90.00 |
| 07 | Norwegian Pension Fund | 15,67,930 | 3.38% | ₹ 90.00 |
| 08 | HCL Capital Private Ltd | 15,67,930 | 3.38% | ₹ 90.00 |
| 09 | Goldman Sachs India Equity | 13,93,678 | 3.00% | ₹ 80.00 |
| 10 | HDFC Flexi Cap Fund | 10,12,050 | 2.18% | ₹ 58.09 |
| Grand Total | 1,91,71,932 | 41.32% | ₹ 1,100.47 |
Data Source: BSE Filings (Value Allocated is ₹ in Crore)
The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below.
Out of the 4,63,93,095 shares allocated to the anchors in the IPO, there was an allocation of 1,72,57,336 shares made to mutual funds regulated by SEBI. This anchor allocation to mutual fund was spread across 70 MF schemes of 23 asset management companies (AMCs). Mutual funds accounted for 37.20% of the overall anchor allocation.
Out of the 4,63,93,095 shares allocated to the anchors in the IPO, there was also an allocation of 63,78,949 shares made to 20 Life Insurance Companies and pension funds; that are regulated by IRDAI and PFRDA respectively. This anchor allocation to Life insurers was spread across 20 life insurance companies and pension funds. Life Insurance companies and pension funds accounted for 13.75% of the overall anchor allocation.
The anchor allocation was spread across domestic mutual funds, FPIs, ODIs, and AIFs.
NEXT STEPS IN SBI FUNDS MANAGEMENT LTD IPO
Post the closure of the IPO subscription on 16th July 2026, the basis of allotment will be finalized on 17th July 2026 and the refunds will be initiated on 20th July 2026. In addition, the demat credits are expected to also happen on 20th July 2026 and the stock will list on 21st July 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 20th July 2026 under ISIN (INE640G01020).
2026-07-16 — Day-3 subscription update
SBI Funds Management Ltd (Day-3 Final Subscription at 41.66 times)
SBI FUNDS MANAGEMENT LTD - IPO SUBSCRIPTION STATUS ON DAY-3
As of 7.15 pm on 16th July 2026, out of the 1,245.64 lakh shares on offer in the IPO (excluding anchor portion), SBI Funds Management Ltd saw bids for 51,895.47 lakh shares. This implies an overall subscription of 41.66X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of SBI Funds Management Ltd was as under:
| Employees(4.65X) | Shareholders(9.52X) | QIBs (140.11X) | HNI / NII(22.51X) | Retail(3.60X) |
|---|
The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. Bids for the SBI shareholder and Employee quota were also fairly robust. QIB bids and NII bids typically gather most of the momentum only on the last day. That was the case in this IPO too. Both, the QIB portion and the HNI / NII portion saw bulk of the institutional, corporate and funded subscriptions come in on the last day of the IPO. The company saw steady anchor participation a day ahead of the IPO opening with 27.19% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (₹ in Crore) |
|---|---|---|---|---|
| Anchor Investors | 1.00 | 4,63,93,095 | 4,63,93,095 | 2,662.96 |
| Shareholder Quota | 9.52 | 1,30,55,629 | 12,42,63,542 | 7,132.73 |
| Employee Quota | 4.65 | 32,57,347 | 1,51,49,992 | 787.80 |
| QIB Investors | 140.11 | 3,09,28,731 | 4,33,32,71,956 | 2,48,729.81 |
| HNIs / NIIs | 22.51 | 2,31,96,549 | 52,21,84,416 | 29,973.39 |
| Retail Investors | 3.60 | 5,41,25,280 | 19,46,77,574 | 11,174.49 |
| Total | 41.66 | 12,45,63,536 | 5,18,95,47,480 | 2,97,880.03 |
Data Source: NSE / BSE (as of close of Day-3 of the IPO)
The IPO of SBI Funds Management Ltd was open up to July 16, 2026, and has closed for subscription as of the close of trading hours on July 16, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹3,00,461 crore.
NEXT STEPS IN THE SBI FUNDS MANAGEMENT LTD IPO
Post the closure of the IPO subscription on 16th July 2026, the basis of allotment will be finalized on 17th July 2026 and the refunds will be initiated on 20th July 2026. In addition, the demat credits are expected to also happen on 20th July 2026 and the stock will list on 21st July 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 20th July 2026 under ISIN (INE640G01020).
2026-07-16 — Allotment guidance and next steps
SBI Funds Management Ltd (How to check allotment status online)
ABOUT THE SBI FUNDS MANAGEMENT LTD IPO
The IPO of SBI Funds Management Ltd opened on July 14th, 2026 and closed on July 16th, 2026. The IPO comprised entirely of an offer for sale by the promoter shareholders of 17,09,56,631 shares (1,709.57 lakh shares) worth ₹9,812.91 crore at the upper band price of ₹574 per share. There was no fresh issue component in the IPO. The allotment status will be finalized by EOD of July 17, 2026. Here is how to check allotment status for the IPO of SBI Funds Management Ltd. You can check IPO status on BSE or NSE or IPO Registrar website of KFIN Technologies Ltd (KFINTECH).
CHECKING ALLOTMENT STATUS OF SBI FUNDS MANAGEMENT LTD ON BSE WEBSITE
This is a common link for all mainboard IPOs. Click on BSE link for IPO allotment as below.
https://www.bseindia.com/investors/appli_check.aspx
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity Option
Under Issue Name – Select SBI Funds Management Ltd from the drop-down box
Enter the Application Number / CAF exactly as in the acknowledgement slip
Alternatively, Enter your PAN (10-digit alphanumeric) number
Once this is done, you need to click on the Captcha to verify you are not a robot
Finally click on the Search Button
You can use either of the parameters to query; Application / CAF number or Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of SBI Funds Management Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.
CHECKING ALLOTMENT STATUS OF SBI FUNDS MANAGEMENT LTD ON NSE WEBSITE
This is a common link for all IPOs. Click on NSE link for IPO allotment as below.
https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity & SME IPO Details Option
Under SELECT SYMBOL – Select SBIFUNDS from the drop-down box
Enter the Application Number / CAF exactly as in the acknowledgement slip
Enter your PAN (10-digit alphanumeric) number
Once both are entered, click on the Submit Button
You must input the Application / CAF number and the Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of SBI Funds Management Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.
CHECKING ALLOTMENT STATUS OF SBI FUNDS MANAGEMENT LTD ON KFIN TECHNOLOGIES LTD (REGISTRAR TO THE IPO)
Visit the website of KFIN Technologies Ltd, which has been appointed as the registrar for the issue. You can access their website for IPO status by clicking on the link below:
https://kosmic.kfintech.com/ipostatus/
KFIN Technologies Ltd provides details of IPOs managed by them and where allotment status is finalized. Radio buttons allow you to opt to see all IPOs or just recent IPOs. The latter option reduces the list of IPOs to search. Once you click on Recent IPOs, dropdown shows recent active IPOs, where allotment status is finalized. Select SBI Funds Management Ltd.
THERE ARE 3 WAYS TO QUERY ALLOTMENT STATUS ON KFIN TECHNOLOGIES LTD
To Query by Application Number, check the appropriate box and follow these steps.
Enter the Application Number as it is
Enter the 6-digit Captcha Code
Click on Submit button
Allotment Status gets displayed on screen
Unlike in the past, now you do not have to select ASBA versus Non-ASBA option.
To Query by Demat Account, check the appropriate box and follow these steps.
First select the depository (NSDL / CDSL)
Enter the DP-ID (Alphanumeric for NSDL and Numeric for CDSL)
Enter the Client-ID in the second box
For NSDL, the Demat account is 2 strings; for CDSL it is just 1 string
Enter the 6-digit Captcha Code
Click on Submit button
Allotment Status gets displayed on screen
To Query by PAN, check the appropriate box and follow these steps.
Enter the 10-Character PAN number, available on your PAN card
After you enter the PAN number, Enter the 6-digit numeric Captcha Code
Click on Submit button
Allotment status gets displayed on screen
If captcha code is not clear; toggle for more options. Retain a screenshot of the allotment status output for future reference. This can be tallied with demat credit post allotment.
NEXT STEPS IN THE SBI FUNDS MANAGEMENT LTD IPO
Post the closure of the IPO subscription on 16th July 2026, the basis of allotment will be finalized on 17th July 2026 and the refunds will be initiated on 20th July 2026. In addition, the demat credits are expected to also happen on 20th July 2026 and the stock will list on 21st July 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 20th July 2026 under ISIN (INE640G01020).
Interested in applying for this IPO?
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