SBI Funds Management has received clearance from the Securities and Exchange Board of India (SEBI) for its draft red herring prospectus, as indicated by information available on the regulator’s website. The approval was granted on June 12, 2026. Following this, the company is anticipated to submit its red herring prospectus and reveal the price band during the first week of July, according to sources from Moneycontrol.
The firm had initially submitted its draft papers to SEBI on March 19, 2026. The public issue is structured entirely as an offer for sale comprising 203.7 million shares, representing a 10% stake, and will not include any new issues of shares.
Ownership of SBI Funds Management is primarily held by State Bank of India, which has a 61.76% stake, and Amundi India Holding, which owns 36.26%. Established in 1992, SBI Funds Management evolved into a joint venture in 2004 when Societe Generale Asset Management acquired a 37% interest in the company. This stake was subsequently taken over by Amundi Asset Management through its subsidiary, Amundi India Holding, in 2011.
Since March 2021, SBI Funds Management has consistently held a formidable position among asset management companies, commanding a market share of 15.4% in the mutual fund sector. If the share sale progresses as planned, it will mark SBI Funds Management as the third subsidiary of State Bank of India to be publicly listed.
Additionally, the company is poised to become the sixth asset management company to enter the stock market, joining the ranks of notable firms such as ICICI Prudential Asset Management Company, HDFC Asset Management Company, Nippon Life India Asset Management, Aditya Birla Sun Life Asset Management, and UTI Asset Management Company.
