SBI, Amundi to sell 10% stake in SBI Funds Management via IPO

India's largest mutual fund house is ready to test public market waters. SBI Funds Management Ltd-a joint venture between the country's biggest bank State Bank of India (SBI) and France's Amundi, one of Europe's largest asset managers-will see its parent companies sell a combined 10% stake through an initial public offering (IPO).

- Dhanya Nagasundaram& Srushti Vaidya

SBI chairman Challa Sreenivasulu Setty.

(BLOOMBERG)

The IPO framework agreement is expected to be signed on 10 November, with the entire process likely to be finalised sometime in 2026, according to a stock exchange filing by SBI on Thursday.

The move, cleared by SBI's executive committee of the central board (ECCB), marks the third marquee listing from the SBI stable-after SBI Cards and SBI Life Insurance-and aligns with the government's broader push for state-run banks to unlock value from their subsidiaries.