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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.
Listing Performance
Issue Price
₹574
Allotment price
Listing Price
₹610
+6.27% on listing day
Current Price (CMP)
₹462.45
-19.4% vs issue
Listed On
21 Jul 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional profitability and margin stability
Net profit margin of 69.9% is extraordinary for a capital markets business, reflecting high-margin asset management operations. PAT grew 21.6% CAGR over 2 years while revenue grew 20.5%, demonstrating pricing power and operational leverage in a growing AUM base.
✓ 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. This dual-digit growth in both top and bottom line demonstrates resilience and market share gains in mutual funds and asset management.
⚠ Risk
100% OFS dilutes capital deployment benefit
The entire ₹9,813 Cr issue is OFS (secondary sale by SBI and Amundi), meaning zero fresh capital enters the company for growth investments or balance sheet strengthening. This limits the company's ability to fund new initiatives or expand infrastructure post-listing.
⚠ Risk
AUM-linked earnings volatility and market dependency
As an asset manager, earnings are directly tied to market valuations and investor sentiment. Sharp equity market corrections or sustained outflows could compress AUM and materially impact fee revenue, creating earnings volatility despite current strong margins.
₹ Valuation
Fair valuation with margin premium justified
P/E of 38.1× translates to 1.66× the niche sector midpoint of 23×, placing it in the Subscribe zone. The 69.9% NPM justifies a valuation premium; the company earns ₹0.70 of every rupee as profit, well above typical financial services benchmarks.
👁 Watch
Monitor AUM growth and market share trends
Post-listing, track quarterly AUM flows, net inflows, and market share in mutual funds relative to peers. Sustained AUM growth above 15% annually would validate the valuation; stagnation or outflows would signal margin compression risk.
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.
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 ₹462.45 (+-19.4% 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.
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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