SBI Funds Management Ltd., a subsidiary of State Bank of India Ltd., on Thursday, July 9, announced a price band of Rs 545 to Rs 574 per share for its Rs 11,693 crore initial public offering (IPO), which will be the biggest public issue of 2026 so far.
SBI Funds Management IPO schedule
The anchor book will open on Monday, July 13. The IPO will open for subscription on Tuesday, July 14, and close on Thursday, July 16.
The basis of allotment is scheduled to be finalised on Friday, July 17. Refunds and unblocking of funds for eligible and non-eligible applicants will take place on Monday, July 20, which is also the date when shares will be credited to successful bidders’ demat accounts. Shares of SBI Funds Management are likely to list on the stock exchanges on Tuesday, July 21, 2026.
Price band, lot size and investment
Each equity share has a face value of Re 1. The IPO is entirely an Offer For Sale (OFS) of more than 20 crore shares, with no fresh issue of equity. As a result, SBI Funds Management will not receive any proceeds from the offering.
One lot will comprise 26 shares. At the upper end of the price band, retail investors bidding for one lot will have to make a minimum investment of Rs 14,924. Bids can thereafter be made in multiples of 26 shares.
Also read: SBI Funds Management IPO to open on July 14. Check details
SBI Funds Management IPO Reservation details
Of the total issue, 35% has been reserved for retail investors, 5% for small HNIs, 10% for big HNIs and the remaining 50% for qualified institutional bidders (QIBs). Existing shareholders of SBI will have access to a shareholder reservation in the IPO. Around 1.3 crore shares, valued at nearly Rs 750 crore, have been set aside for eligible SBI shareholders.
Shares worth Rs 170 crore have also been reserved for eligible employees, who will receive a discount of Rs 54 per share while bidding. There is no discount for existing SBI shareholders under the shareholder reservation category.
Valuation and shareholding
At the upper end of the price band, SBI Funds Management is valued at nearly Rs 1.17 lakh crore in terms of market capitalisation.
SBI will sell up to 12,83,34,397 shares through the offer, representing 6.3% of SBI Funds Management’s paid-up equity share capital. Amundi India Holding will sell up to 7,53,74,842 shares, representing 3.7% of the company’s paid-up equity share capital.
Read more: SBI Funds Management seeks Rs 2,000 crore in pre-IPO round
SBI had informed the stock exchanges on March 19 that SBI Funds Management had filed its draft red herring prospectus. The filing of the red herring prospectus brings the IPO closer to launch, although the offer remains subject to regulatory approvals, market conditions and other considerations.
SBI Funds Management is the investment manager of SBI Mutual Fund, one of India’s largest asset management businesses. For SBI, the IPO will partly monetise its stake in the asset management subsidiary. The offer will also provide a partial exit route for Amundi India Holding.
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