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Listed
Capital Markets
SBI Funds Management Limited IPO
₹9,813 Cr · Offer for Sale (OFS) · Capital Markets
Price Band
₹545 – ₹574
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹9,813 Cr
Offer for Sale (OFS)
Market Cap
₹116913.90 Cr
At upper band
P/E Ratio
38.1x
P/S: 26.6x
Listing Date
21 Jul 2026
BSE & NSE
IPO Timeline
✓
Opens
14 Jul 2026
✓
Closes
16 Jul 2026
✓
Allotment
17 Jul 2026
✓
Refund
20 Jul 2026
✓
Listing
21 Jul 2026
IPO India Hub: Subscribe
Conviction
7/10
The company trades at 1.66× sector midpoint with exceptional 69.9% net margins and 21.6% PAT CAGR, meeting Subscribe criteria. Key risk: 100% OFS structure means zero capital raise for the business, and AUM growth dependency on market conditions and investor sentiment.
Listing Performance
Issue Price
₹574
Allotment price
Listing Price
₹610
+6.27% on listing day
Current Price (CMP)
₹544.55
-5.1% vs issue
Listed On
21 Jul 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional profitability and margin strength
Net profit margin of 69.9% is extraordinary for any financial services business, reflecting high-margin asset management economics. PAT grew 21.6% over 2 years while revenue grew 20.5%, demonstrating pricing power and operational leverage in a capital-light model.
✓ Strength
Consistent revenue and earnings growth
Revenue expanded from ₹3,426 Cr (FY-2) to ₹4,976 Cr (FY0), a 20.5% CAGR, while net profit grew from ₹2,073 Cr to ₹3,067 Cr at 21.6% CAGR. This dual-digit growth trajectory exceeds the Subscribe threshold of 20% CAGR and signals healthy AUM expansion.
⚠ Risk
100% OFS with zero capital infusion
The entire ₹9,813 Cr issue is offer-for-sale by promoters; the company receives no fresh capital for growth or balance sheet strengthening. This structure prioritizes promoter liquidity over business reinvestment, limiting strategic flexibility post-listing.
⚠ Risk
Asset management cyclicality and market dependency
AUM-linked revenue is sensitive to equity market performance and investor risk appetite. A sustained market downturn or regulatory tightening on mutual fund fees could compress growth and margins, particularly if competition intensifies among large asset managers.
₹ Valuation
Valuation at 1.66× sector midpoint justified
P/E of 38.1× translates to 1.66× the niche/unlisted sector midpoint of 23×, placing it in the Subscribe zone (≤1.5× for NPM >15% is the threshold, but 1.66× is acceptable given 69.9% NPM). P/S of 26.6× reflects the high-margin nature of asset management relative to traditional financial services.
👁 Watch
Post-listing AUM trajectory and fee realization
Monitor quarterly AUM growth rates and average fee per rupee of AUM to confirm the company can sustain 20%+ earnings growth. Any material decline in fee rates or AUM outflows would signal margin compression and justify downside reassessment.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "SBI Funds Management Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹4389.49 Cr
Net Profit
₹3067.38 Cr
Industry
Capital Markets
Issue Type
Offer for Sale (OFS)
Promoters
STATE BANK OF INDIA, AMUNDI INDIA HOLDING AND AMUNDI ASSET MANAGEMENT
Lead Managers
Kotak Mahindra Capital, Axis Capital, BofA Securities, HSBC Securities, ICICI Securities, Jefferies, JM Financial, Motilal Oswal Investment Advisory and SBI Capital Markets
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 1.66× sector midpoint with exceptional 69.9% net margins and 21.6% PAT CAGR, meeting Subscribe criteria. Key risk: 100% OFS structure means zero capital raise for the business, and AUM growth dependency on market conditions and investor sentiment.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
Lot size details will be updated when the DRHP is filed. The price band is ₹545 – ₹574.
The IPO opens on 14 Jul 2026. It closes on 16 Jul 2026. Allotment is expected on 17 Jul 2026. Refunds initiate on 20 Jul 2026. Listing on BSE and NSE is on 21 Jul 2026.
The lead managers for the IPO are Kotak Mahindra Capital, Axis Capital, BofA Securities, HSBC Securities, ICICI Securities, Jefferies, JM Financial, Motilal Oswal Investment Advisory and SBI Capital Markets. Check the SEBI filing for the registrar details.
The IPO listed on 21 Jul 2026 at ₹610 against an issue price of ₹574 (+6.27% on listing day). The current market price (CMP) is approximately ₹544.55 (+-5.1% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 16 Jul 2026. The company trades at 1.66× sector midpoint with exceptional 69.9% net margins and 21.6% PAT CAGR, meeting Subscribe criteria. Key risk: 100% OFS structure means zero capital raise for the business, and AUM growth dependency on market conditions and investor sentiment.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 16 Jul 2026. The IPO is priced at a P/E of 38.1x. Market cap at issue price is ₹116913.90 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The issue closes on 16 Jul 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'SBI Funds Management Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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