LIVE: SBI Funds Management IPO GMP up 17% on day 1, check subscription and other details

The company serves as the investment manager to SBI Mutual Fund, India’s first mutual fund established outside the Unit Trust of India, and has maintained its leadership position in the domestic mutual fund industry since March 2021. Beyond its core mutual fund business, the company also manages Portfolio Management Services (PMS), Alternative Investment Funds (AIFs), Specialized Investment Funds (SIFs) and advisory mandates, taking its total QAAUM to ₹29,461,050 million as of March 31, 2026. SBI Funds operates an asset-light, fee-based business model, with revenue primarily derived from management fees linked to assets under management across its investment products.

SBI Mutual Fund’s revenue yield improved to 35 bps in FY26 from 29 bps in FY24 supported by a favourable product mix. In FY26, the share of higher-yielding equity and hybrid funds increased to ~32% from 28% in FY24 and to 19% from 18% in FY24, respectively, while ETF mix moderated to 30% from 32% in FY24.

As per Incred Equities, ” We believe the company is an attractive bet in the large AMC space and has a higher potential to rerate with a sustained improvement in the performance of its schemes and yields, as compared to peers, given its retail focus and parental advantage. “

SBI Funds benefits from a differentiated ownership structure through its joint promoters, State Bank of India (SBI) and Amundi Asset Management. SBI provides access to India’s largest banking franchise with an extensive branch network, large customer base and digital banking ecosystem, while Amundi contributes global asset management expertise, international investment capabilities and access to overseas distribution platforms.

The company leverages this dual-parentage model to distribute products across retail, institutional and international investor segments while also managing offshore India-focused investment mandates and advisory assets across Europe, the Middle East, Asia, Australia, Japan and South America.

Read More: SBI Fund’s Rs 11,693-crore IPO: How much will SBI, Amundi earn? Here’s who gets the biggest cheque

Anand Rathi believes that “the IPO is fully priced and recommend a ‘Subscribe’ rating to the IPO.”

According to Anand Rathi, ” At the upper price band company is valuing at P/E at 38.1x and EV/EBITDA of 33.6x with to its FY26 earnings and market cap of Rs 11,691.39 crore post issue of equity shares. “

In an interview with Financial Express, the SBI Funds Management’s MD & CEO indicated that they target to double investor base in 5 years.

In a conversation with Prasanta Sahu, Managing Director and Chief Executive Debasish Mishra pointed out that,

“Over the next five years, we would like to expand financial awareness across cities, towns, Panchayats and villages, add another 16 million customers, strengthen digital delivery through its AI-powered Invest app, and focus on investor excellence by ensuring value creation, seamless service and prudent risk management.”

You can read the entire interview for details on the company’s future prospects.

The SBI Mutual Funds offers a diversified range of asset management and investment solutions across mutual funds, portfolio management services (PMS), alternative investment and advisory mandates.

It manages active and passive investment products across equity, debt, hybrid and exchange traded funds (ETFs), catering to retail, institutional and other investors. The company also offers portfolio management and advisory services, making asset management its core business.

SBI Funds maintains leadership across passive assets, PMS and B30 mutual fund assets, supported by a diversified product portfolio, an omnichannel distribution network and a retail investor base of 18 million unique investors.

“At the upper price band company is valuing at P/E at 38.1x and EV/EBITDA of 33.6x with to its FY26 earnings and market cap of Rs 1,16,914 crore post issue of equity shares. We believe that the IPO is fully priced and recommend a “Subscribe” rating to the IPO,” Anand Rathi Reasearh in an IPO note.

SBI Funds Management is India’s largest asset management company (AMC). This is based on the mutual fund Quarterly Average Assets Under Management (QAAUM). SBI Funds Management has a mutual fund QAAUM of Rs 12.51 lakh crore and they command a 15.3% market share as of March 31, 2026.

As per the company, they have maintained leadership position since March 2021. If te Portfolio Management Services (PMS) and other advisory mandates are included, the total Quarterly Average Assets Under Management exceed Rs 29 lakh crore.

SBI Funds Management raised Rs 2,663 crore from 129 anchor investors ahead of its Rs 9,813 crore IPO. Shares were allocated at Rs 574 each. Prominent global participants included BlackRock, Goldman Sachs, Fidelity, Capital Group, and sovereign funds like ADIA and Singapore’s GIC.

SBI Funds has established a strong institutional franchise, supported by mandates from leading domestic and global institutions. The company has been selected as one of the preferred fund managers for managing a portion of a statutory provident fund institution’s equity investments, underscoring confidence in its investment capabilities. In 2023, it was also appointed as the sponsor and investment manager of the Corporate Debt Market Development Fund (CDMDF), a specialised Alternative Investment Fund established following the Union Budget 2022 to strengthen liquidity and resilience in India’s corporate bond market during periods of market stress.

SBI Funds Management is India’s largest asset management company by mutual fund Quarterly Average Assets Under Management (QAAUM), with a 15.3% market share as of March 31, 2026. The company operates an asset-light, fee-based business model through the management of mutual funds, Portfolio Management Services (PMS), Alternative Investment Funds (AIFs), Specialised Investment Funds (SIFs) and advisory mandates across equity, debt, hybrid, passive and overseas investment products.