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SBI Mutual Fund IPO
SBI Mutual Fund
IPO details
Subscription rate
Data will be available soon
Schedule
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About
Founded in
1992
MD/CEO
Nand Kishore
Parent organisation
SBI Mutual Fund
SBI Mutual Fund Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
As India's largest AMC by mutual fund QAAUM with ₹12,49,970 Crores and a 15.4% market share as of December 2025, the company benefits from significant economies of scale. This leadership is reflected in its strong financial growth, with mutual fund QAAUM growing at a CAGR of 22.32% from FY23 to FY25.
The company demonstrates superior cost efficiency, having the lowest operating expense ratio among the top 10 AMCs in India. Its operating expenses as a percentage of QAAUM were just 0.08% for FY25, significantly better than the peer range of 0.10% to 0.19%, underscoring its ability to leverage its market-leading scale.
The company commands a market-leading SIP franchise with 15.76 million live accounts, representing 16.09% of the market share by SIP count as of December 2025. The stability of this retail base is high, with 15.40 million SIPs (97.7% of its total) having been active for 37 months or more, ensuring consistent and predictable inflows.
A unique dual parentage of State Bank of India and Amundi provides a significant competitive moat, combining SBI's extensive domestic franchise, including its 96+ million YONO user base, with Amundi's global asset management expertise and distribution network.
The firm has successfully built a substantial international business by leveraging its Amundi relationship, managing India-focused mandates, UCITS funds, and advisory services with total assets under advisory and management of ₹2,66,569.60 Crores as of December 31, 2025.
The company holds a dominant position as India's largest passive fund manager, with a market share of 29.6% and passive QAAUM of ₹3,99,953 Crores as of December 31, 2025, positioning it perfectly to capitalize on the structural shift towards low-cost passive investment products.
Financial performance has been robust, with revenue from operations growing at a CAGR of 29.01% from ₹2,161.59 Crores in FY23 to ₹3,597.76 Crores in FY25, while profit after tax grew at a faster CAGR of 37.70% over the same period, demonstrating expanding profitability and strong operating leverage.
A pioneer in the Indian asset management industry, the company has a strong track record of product innovation, having launched the country's first Contra Fund (1999), a bank-sponsored offshore fund (2006), an early ESG fund (2018), and India's first silver ETF (2024), demonstrating an ability to anticipate market trends.
The company exhibits high revenue concentration, with its top 10 mutual fund schemes contributing 48.47% of revenue from mutual fund operations for the nine months ended Dec 31, 2025. This makes overall profitability highly susceptible to the performance and asset retention of a small number of funds.
The business is highly sensitive to Indian capital market performance. Any prolonged market downturn could lead to mark-to-market losses on its AUM, reduced investor inflows, and higher redemptions, directly impacting management fee income and profitability.
Profitability is under pressure from regulatory changes, particularly the SEBI (Mutual Funds) Regulations, 2026, effective April 1, 2026. This new framework introduces a Base Expense Ratio and reduced fee caps, which will directly reduce the company's management fee income.
A significant portion of the company's assets are underperforming, with 11 schemes comprising 15.20% of its total mutual fund QAAUM (₹1,22,091 Crores) ranked in the bottom quartile for three-year performance as of December 31, 2025. Continued underperformance poses a risk of redemptions and reputational damage.
The company carries contingent liabilities of ₹176.23 Crores as of December 31, 2025, which are not provided for in the financial statements. This includes a significant disputed tax liability of ₹131.93 Crores from a GST demand order, which, if materialized, could adversely affect financial health.
The company operates under a license agreement for the 'SBI' brand and does not own it, paying a royalty of ₹41.26 Crores in FY25. This license can be terminated if SBI's shareholding falls below 26%, creating a significant long-term business risk and dependency on the promoter.
The company has experienced cybersecurity incidents involving third-party vendors, including a data breach at its ESOP management portal operator in FY26 that resulted in the exfiltration of employee data including PAN details. Such events highlight ongoing operational and reputational risks.
Application details
For SBI Mutual Fund IPO, eligible investors can apply as
Data will be available soon
About
Book Running Lead Managers & Registrar of SBI Funds Management IPO
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Book Running 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, Motilal Oswal Investment Advisors Limited, and SBI Capital Markets Limited. |
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Registrar to the Issue |
KFin Technologies Limited |
Key Performance Indicators (KPIs) of SBI Funds Management Limited
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KPI |
Value (for the period ended December 31, 2025) |
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ROE (%) |
31.25 |
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EBITDA Margin (%) |
98.03 |
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PAT Margin (%) |
62.65 |
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Return on Net Worth (RoNW) (%) |
31.25 |
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NAV per Equity Share (₹) |
35.70 |
SBI Funds Management IPO Contact Details
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Company Name |
SBI Funds Management Limited |
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Registered Office |
9th Floor, Crescenzo, C-38 & 39, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
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Phone |
+91 22 6179 3000 |
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Website |
SBI Funds Management IPO Registrar Contact Details
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Company Name |
KFin Technologies Limited |
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Phone |
+91 40 6716 2222 /1800 309 4001 |
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Website |