SBI Funds Management’s initial public offering (IPO) is set to open for subscription on July 14 and close on July 16, raising Rs. 11,693 crore via the public issue. The price band has been fixed at Rs.545-Rs. 574, which represents the largest IPO of 2026. The stock may go public on exchanges on July 21, Reuters reports.
The IPO is a complete offer for sale (OFS), and SBI Funds Management will not receive fresh proceeds from the offering. Instead, the money will go to the selling shareholders, State Bank of India and Amundi India Holding. SBI will sell up to 12.83 crore shares, 6.3% of its holding, and Amundi India Holding will sell up to 7.54 crore shares, representing a 3.7% stake.
SBI Funds Management has allotted 1.3 crore equity shares to eligible shareholders of State Bank of India. At the upper price band of Rs. 574, this investor allotment share is valued at around Rs. 750 crore. The maximum application amount under the SBI shareholder reservation category is Rs. 2 lakh.
However, SBI will not provide any discount to the shareholders as a part of this reserved category. This is unlike the employee quota, in which Rs. 170 crore worth of shares have been earmarked, and employees participating in bidding will benefit from a discount of Rs. 54 per share.
The shareholders who hold the shares of State Bank of India as of the date of filing of the Red Herring Prospectus, July 8, 2026, can apply for SBI under the category of shareholders.
“Eligible SBI Shareholders would need to have a valid PAN and their PAN should be updated in the register of shareholders maintained by the State Bank of India. Further, Eligible SBI Shareholders would need to have a valid demat account and details, as Equity Shares can only be allotted to Eligible SBI Shareholders having a valid demat account,” the company said in its IPO papers.
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Up to 50% is offered to qualified institutional buyers, 35% to retail investors and 15% to non-institutional investors in accordance with the issue structure.
Ahead of the IPO, the grey market revealed that SBI Funds Management shares were trading at the top of their IPO range, at about a 13% premium.
SBI Funds Management is the investment manager for SBI Mutual Fund and is one of the top financial asset management companies in India. The IPO will enable SBI and Amundi to sell a part of their holdings and provide a dedicated path for eligible SBI shareholders to participate in the public issue .