- Price band
- ₹545 – ₹574
- Issue size
- ₹9,795 Cr
- Lot size
- 26 sh
- Bidding
- 14 – 16 Jul
- Grey market
- —
Face value ₹1.00
0% fresh capital
Lists 21 Jul 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
SBI Funds Management's July 2026 mainboard issue was Rs 9,795.32 crore in size and entirely an offer for sale, the fresh-issue component being Rs 0 crore, with a price band of Rs 545 to Rs 574 and promoter holding recorded at 96.38% before the issue and 88% after. Revenue was Rs 3,426.08 crore in FY24, Rs 4,236.15 crore in FY25 and Rs 4,976.11 crore in FY26, with profit after tax of Rs 2,072.79 crore, Rs 2,540.15 crore and Rs 3,067.38 crore across the same three years. The book was 41.66 times subscribed on day three (16 July 2026), with QIBs at 140.11 times, NIIs at 22.51 times and retail at 3.60 times. It listed at Rs 613.30 against a band top of Rs 574, closed day one at Rs 610.15, and as at 23 October 2026 last traded at Rs 463.40.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for SBI Funds Management, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
Entirely an offer for sale
None of the money raised reaches the company. Existing shareholders are selling down; the balance sheet is unchanged by the listing.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 1992 · Bandra Kurla Complex, Mumbai, Maharashtra · 1,828 employees
SBI Funds Management is the investment manager behind SBI Mutual Fund. As at 31 March 2026 it was India's largest asset management company by quarterly average mutual fund assets under management, at ₹12,509.98 billion and a 15.3% market share, and ran 128 schemes spanning equity, debt, arbitrage, ETFs, index funds, overseas fund-of-funds and liquid and overnight funds for 18.00 million investors. It is also India's largest passive manager, with ₹4,055.26 billion of ETF and index-fund QAAUM. Alongside mutual funds it runs portfolio management services, alternative investment funds and advisory mandates, taking total QAAUM to ₹29,461.05 billion. It sells through 132,519 mutual fund distributors, 95 banks including parent State Bank of India, and its own branches and apps, and employed 1,828 people.
Revenue is essentially one line: asset management fees accrued daily on the net assets of each scheme. In FY26 that was ₹4,389.49 crore of ₹4,976.11 crore total income, the rest being return on the company's own investments. The cost base is small and largely fixed — total expenses ₹970.62 crore, of which employee benefits were ₹441.01 crore — leaving ₹3,067.38 crore of profit and operating expenses equal to 0.08% of QAAUM. The constraint is regulatory: fees sit under SEBI caps, and from 1 April 2026 a new Base Expense Ratio framework set caps roughly 10 to 15 basis points below the old limits, which the company says is expected to reduce its fee income and profitability.
The company on paper
- Legal name
- SBI Funds Management Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 7 Feb 1992
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U65990MH1992PLC065289
- Sector
- Financials · Asset management — mutual funds, ETFs, portfolio management and advisory mandates
- Employees
- 1,828
- Registered office
- Bandra Kurla Complex, Mumbai, Maharashtra
- Promoters
- State Bank of India, Amundi India Holding, Amundi Asset Management
- Promoter holding, pre-issue
- 96.4%
- Promoter holding, post-issue
- 88.0%
- Website
- sbifunds.com
The numbers
Financial performance
Revenue has compounded at 20.5% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
This is entirely an offer for sale: none of the money raised reaches the company.
- Fresh issueNew shares — proceeds go to the company
- ₹0
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹9,795 Cr
- Total issue size
- ₹9,795 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 8.4% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹574.00
- Listed at
- ₹613.30
- Listing gain
- up 6.8%
- Since listing
- down 23.7%
- Against the issue price
- down 18.4%
Trading at ₹468.20 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 26
- At cut-off price
- ₹574.00
- Amount blocked
- ₹14,924
One lot is 26 shares at ₹14,924. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~28%
chance of one lot, per application
- Retail subscription
- 3.60×
- Applicants per share available
- 3.6× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹613.30
listed at, 6.8% against the issue price
- Issue price
- ₹574.00
- Premium said
- —
- If allotted 26 shares
- ₹1,022
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Profit after tax rose from Rs 2,072.79 crore in FY24 to Rs 2,540.15 crore in FY25, a rise of 22.55%, and to Rs 3,067.38 crore in FY26, a rise of 20.76%. Revenue over the same two steps rose 23.64% (Rs 3,426.08 crore to Rs 4,236.15 crore) and 17.47% (Rs 4,236.15 crore to Rs 4,976.11 crore).
- EBITDA margin was 79.36% in FY24 (Rs 2,718.82 crore on Rs 3,426.08 crore), 80.57% in FY25 (Rs 3,412.94 crore on Rs 4,236.15 crore) and 81.56% in FY26 (Rs 4,058.44 crore on Rs 4,976.11 crore) — higher in each of the two years that have a prior year on record.
- The record's business-model note puts FY26 total expenses at Rs 970.62 crore against total income of Rs 4,976.11 crore, or 19.51%, of which employee benefits were Rs 441.01 crore, or 45.44% of expenses; it also records operating expenses equal to 0.08% of QAAUM. Total borrowings were Rs 0 crore at 31 March 2026; the FY24 and FY25 borrowing lines are not recorded.
- The record's company description states that at 31 March 2026 it was India's largest asset management company by quarterly average mutual fund AUM, at Rs 12,509.98 billion and a 15.3% market share, running 128 schemes for 18.00 million investors, and that total QAAUM including PMS, AIF and advisory mandates was Rs 29,461.05 billion — the mutual fund figure being 42.46% of that total. It describes distribution through 132,519 mutual fund distributors and 95 banks, and 1,828 employees.
What to weigh against it
- Net worth was Rs 6,747.75 crore at 31 March 2024, Rs 8,297.53 crore at 31 March 2025 and Rs 5,963.06 crore at 31 March 2026 — the FY26 figure 28.13% below FY25 and 11.63% below FY24 — in a year in which profit after tax was Rs 3,067.38 crore, the highest of the three. The record does not state what moved it.
- The whole of the Rs 9,795.32 crore was an offer for sale, with fresh issue at Rs 0 crore. The record lists no offer objects.
- The business-model note records FY26 asset management fees of Rs 4,389.49 crore within total income of Rs 4,976.11 crore — 88.21% of income on a single line, the remainder described as return on the company's own investments.
- The business-model note states that fees sit under SEBI caps and that from 1 April 2026 a new Base Expense Ratio framework set caps roughly 10 to 15 basis points below the old limits, which, it says, the company expects to reduce its fee income and profitability. The three financial years on record end 31 March 2024, 2025 and 2026, all on or before that date.
Easy to miss in the prospectus
- Price against the issue: Rs 463.40 as at 23 October 2026, against a band of Rs 545 to Rs 574, a listing price of Rs 613.30 and a first-day close of Rs 610.15 — 19.27% below the band top and 24.44% below the listing price.
- The record carries no valuation block, no peer set, no allocation split and no anchor detail, so no multiple or peer comparison can be computed from it. Subscription is present for the closing day only (16 July 2026); days one and two are absent, as are expenses, total assets and operating cash flow lines for all three financial years.
Straight from the filing
Read it yourself
The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.
The paperwork
Who is running the issue
- Lead managers
- Kotak Mahindra Capital Company Limited, Axis Capital Limited, BofA Securities India Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, Jefferies India Private Limited, JM Financial Limited, SBI Capital Markets Limited, Motilal Oswal Investment Advisors Limited
- RegistrarAllotment status is checked on the registrar's own site
- KFin Technologies Limited
How these figures were checked
Built from 3 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.
- SEBI — Public Issues filing page for SBI Funds Management Limited RHP (filed Jul 08, 2026) · read 15 Oct 2026
- NSE — IPO bid/subscription detail by category, symbol SBIFUNDS · read 15 Oct 2026
- NSE — IPO detail / past public issues record for SBIFUNDS (ISIN, listing date, issue price, price band) · read 15 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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