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SBI Funds Management 

• SBI Funds Management is coming out with a 100% book building; initial public offering (IPO) of 17,09,56,631 shares of face value Rs 1 each in a price band Rs 545-574 per equity share. 
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on July 14, 2026 and will close on July 16, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 1 and is priced 545 times of its face value on the lower side and 574 times on the higher side.
• Book running lead managers to the issue are Kotak Mahindra Capital Company, Axis Capital, BofA Securities India, HSBC Securities and Capital Markets (India), ICICI Securities, Jefferies India, JM Financial, Motilal Oswal Investment Advisors and SBI Capital Markets. 
• Compliance officer for the issue is Vinaya Datar.  

Profile of the company 

SBI Funds Management was incorporated in 1992 and received SEBI’s approval to act as the asset management to SBI Mutual Fund in 1993. The company is the one of largest asset management company (AMC) in India. It serves a large unique investor base in its mutual fund business comprising individuals as well as institutional customers and manages a diversified portfolio of multiple mutual fund schemes across equity and equity-oriented, debt, arbitrage, ETFs, index and overseas fund-of-funds, and liquid and overnight schemes, thereby offering both actively managed and passive investment strategies to cater to diverse investor risk profiles and financial objectives. Beyond, its core mutual fund schemes business, it offers a comprehensive suite of investment solutions across product categories and geographies. It provides Portfolio Management Services (PMS) and advisory mandates as well as alternative investment funds (AIFs), and specialized investment funds (SIFs). Further, it provides investment management and advisory services to a range of offshore India-focused funds under regulatory approval in accordance with the SEBI Mutual Funds Regulations.

The company’s international business comprises: India-focused investment management mandates for overseas institutional investors across Japan, Australia, and Korea, and Undertakings for Collective Investment in Transferable Securities (UCITS) India-focused funds sponsored by Amundi across Europe, Middle East, South America, and Southeast Asia and advisory services to Amundi’s Global Emerging Markets mandates of India-related assets under advisory. It facilitates outbound diversification for Indian investors through dedicated international funds including SBI International Access - US Equity Fund of Funds in partnership with Amundi group and other overseas equity-oriented schemes. It maintains an international distribution presence in the Middle East and leverage SBI and Amundi’s global networks to serve customers across key international markets.

Proceed is being used for: 

• The object of the offer is to carry out the offer for sale of equity shares of face value of Rs 1 each
• Achieving the benefits of listing the equity shares on the stock exchanges

Industry overview

The Indian mutual fund industry has evolved from a government-sponsored savings vehicle in the 1960s into one of the world's fastest-growing asset management markets. The industry began with the establishment of Unit Trust of India (UTI) in 1963. UTI launched the iconic Unit Scheme 1964 (US-64), which became the primary investment avenue for retail savers seeking exposure to capital markets. Liberalization and the entry of private asset managers in the 1990s transformed the industry through greater product innovation, professional fund management, and stronger regulation. Over the last decade, digitalization, rising financial awareness, and increasing adoption of SIPs have accelerated retail participation and driven a structural shift of household savings from physical to financial assets. Consequently, industry Assets Under Management (AUM) has witnessed exponential growth, from Rs. 10 trillion in 2014 to Rs. 81.5 trillion in 2026, establishing mutual funds as a core vehicle for long-term wealth creation.

The Indian mutual fund industry has emerged as one of the fastest-growing segments within the financial services sector, driven by increasing financialization of household savings, rising retail participation, expanding Systematic Investment Plan (SIP) adoption, and growing investor preference for professionally managed investment products. This has resulted in industry Quarterly Average Assets Under Management (QAAUM) to grow at a CAGR of around 20.5% between March 2021 and March 2026, reaching Rs. 81.5 trillion as of March 2026. The growth has been underpinned by a structural shift in savings behaviour, with retail and High-Net-Worth Individual investors accounting for 60.1% of industry AUM in March 2026 compared with 53.9% in March 2021. Additionally, monthly SIP flows have remained stable with Rs. 3,495.8 billion in fiscal 2026, showcasing greater adoption of mutual funds as a long-term wealth creation vehicle amongst individual investors. Overall, the Indian mutual fund industry is poised for continued growth, driven by its resilience and the increasing participation of individual investors.

Pros and strengths 

Largest asset management company in India: Its position as India’s largest AMC by mutual fund QAAUM as of March 31, 2026, with a market share of 15.3%, provides significant economies of scale that translate into competitive advantages across research, operations, and profitability. Its scale enables it to spread fixed costs across a larger AUM base, resulting in the lowest operating expense ratio among the top 10 AMCs in India, with operating expenses as a percentage of QAAUM of 0.08% for Fiscal 2026, compared to a range of 0.10% to 0.25% among the remaining top 10 AMCs for the same period. Its scale advantage extends to research capabilities, where it maintains dedicated research teams which actively covers over 450 companies (representing more than 85% of the BSE 500 by market capitalization) and over 250 fixed income issuers as at March 31, 2026.This research depth enables in-depth fundamental analysis across sectors and market capitalizations, providing its fund managers with proprietary insights that support investment decision-making.

Market-leading SIP franchise with 15.5% market share by live SIP count and strong investor stickiness: Its leadership position in SIPs, with 16.21 million live SIPs representing a market share of around 15.5% by SIP count and a market share of 11.4% of industry SIP inflows as of March 31, 2026, reflects the strength of its retail franchise and demonstrates high investor engagement and retention. Its SIP platform incorporates innovative features including multi-scheme mandates that enable investors to allocate a single SIP mandate across multiple schemes for efficient diversification, step-up SIPs allowing investors to programme periodic increases in SIP amounts to align contributions with income growth, flexible frequencies accommodating daily, weekly, and monthly options for varied cash flow patterns, and low minimum amounts starting from Rs 250 that reduce barriers to mutual fund participation.

Robust technology infrastructure and data-driven investor engagement: The company has built robust technology infrastructure that enables scalable operations, secure transaction processing, and personalized investor experiences. Unlike traditional distribution-led models, its technology platform operates at scale across both direct investor-facing and distributor-facing channels simultaneously, processing 1.31 million transactions monthly during Fiscal 2026 with a digital execution rate of 94.25%, which it reflects the depth of its technology adoption relative to the scale of its investor base. Its technology investments focus on three areas: core infrastructure and security frameworks that ensure operational resilience and regulatory compliance, data analytics capabilities that enable personalized engagement and retention, and innovative features that address real investor needs and improve user experience.

Disciplined governance and risk management underpinning long-term stewardship: The company has established an institutional-grade governance framework with Board oversight through specialized committees, a three-lines-of-defence model, and comprehensive risk management processes. Its senior management team brings deep financial services expertise and institutional continuity, providing strategic leadership across investment management, distribution, operations, risk management, compliance, and technology. Its risk management framework integrates real-time monitoring of market risk, credit risk, liquidity risk, operational risk, and compliance risk across all schemes, supported by regular stress testing and scenario analysis to ensure portfolios remain within defined risk parameters.

Risks and concerns

High dependence on top 10 mutual fund schemes: A portion of its mutual fund QAAUM and revenue from mutual fund operations is concentrated in a top 5 of schemes. The top 10 mutual fund schemes accounted for 59.47%, 60.86%, and 64.76% of the company's total mutual fund QAAUM as of March 2026, March 2025, and March 2024, respectively. Such concentration is primarily a function of investor preference for mature and established schemes with longer performance track records, larger asset bases, and wider distributor acceptance. Any adverse developments affecting these schemes could materially affect its business.

Business relies significantly on top 5 distributors: The company is dependent on top 5 distribution network. The top five distributors accounted for 25.26%, 26.20%, and 25.38% of the company's total MAAUM as of March 31, 2026, March 31, 2025, and March 31, 2024, respectively. Its ability to retain and motivate its distribution network depends on its ability to pay commissions and incentives on a timely and competitive basis relative to other asset managers, the breadth, competitiveness, and performance of its scheme offerings to meet diverse investor needs, its provision of adequate training, support, and technology tools to distributors, and its capacity to increase its wallet share with distributors through superior value proposition. Any failure to meet distributor expectations on these factors could result in distributors reducing their focus on its products, allocating greater effort to competing products, terminating their relationship with it, or demanding higher compensation, any of which could adversely affect its gross sales, market share, and profitability.

Reliance on B-30 cities may affect business performance: A portion of its mutual fund MAAUM is sourced from B-30 cities. As of March 31, 2026, 22.82% of its mutual fund MAAUM was sourced from B-30 cities, compared with 23.04% as of March 31, 2025, and 21.64% as of March 31, 2024. Any material reduction in its B-30 MAAUM, or higher-than-anticipated redemption volatility from B-30 cities, could have an adverse effect on its business, financial condition, results of operations and cash flows.

Business faces significant regulatory and compliance risks: Its business is subject to extensive regulation by SEBI under the SEBI (Mutual Funds) Regulations, 2026 (SEBI Mutual Funds Regulations), SEBI (Portfolio Managers) Regulations (SEBI Portfolio Manager Regulations), 2020, SEBI (Alternative Investment Funds) Regulations, 2012 (SEBI AIF Regulations) and various other SEBI regulations, circulars, and guidelines. It is also subject to regulation by the Reserve Bank of India, the Ministry of Corporate Affairs, and various tax authorities. The SEBI Mutual Funds Regulations impose extensive requirements on its business, including investment restrictions and portfolio diversification requirements, valuation norms for securities, restrictions on transactions with associates and related parties, requirements for scheme disclosures and periodic reporting, governance requirements including board composition and trustee oversight, restrictions on fees and expenses (Total Expense Ratio limits), requirements for risk management, compliance, and internal audit functions, cybersecurity and data protection requirements, and requirements for business continuity and disaster recovery planning. Changes in regulations, failure to comply with regulatory requirements, non-compliance with SEBI’s observations made during inspections or adverse outcomes from SEBI inspections could adversely affect its business.

Outlook  

SBI Funds Management, along with its subsidiaries, is in the business of providing asset management services to SBI Mutual Fund, Alternative Investment Fund and Portfolio Management and Advisory Services to clients. On the concern side, The company faces competitive pressures across various aspects of its business. The competitive landscape is dynamic, and it faces ongoing pressure from new entrants and existing competitors who are increasingly innovative and technology-driven in their approach to attracting and retaining investors. It also faces emerging competitive pressure from direct indexing and separately managed account (SMA) platforms that enable investors and wealth managers to replicate investment strategies at the individual portfolio level, thereby potentially bypassing traditional pooled investment vehicles such as mutual funds. The growth of such platforms may reduce demand for its products, put downward pressure on fee structures and weaken client and distributor relationships, which could have a material adverse effect on its business and results of operations.

The issue has been offering 17,09,56,631 shares in a price band of Rs 545- 574 per equity share. The aggregate size of the offer is around Rs 9,317.14 crore to Rs 9,812.91 crore based on lower and upper price band respectively. On performance front, total revenue from operations increased by 22.01% from Rs 35,977.57 million in Fiscal 2025 to Rs 43,894.88 million in Fiscal 2026. Profit after tax increased by 20.76% from Rs 25,401.54 million in Fiscal 2025 to Rs 30,673.76 million in Fiscal 2026.

Meanwhile, the company intends to strengthen distributor capabilities and productivity across its network through multiple initiatives. It will expand dedicated training programmes through the SBI Funds Academy (SBIMF Digital Academy), its proprietary e-learning platform providing comprehensive distributor education on mutual fund concepts, product knowledge, regulatory frameworks, and investor engagement best practices. During Fiscal 2026, the platform hosted 120 courses accessed by 17,105 active learners, with learning reinforcement through 43 quizzes, 82 mock tests, and 4,100 questions. It will enhance distributor productivity through its Partner App and Portal, providing advanced analytics including SIP analysis, portfolio analysis, and customer one view that enable data-driven client servicing and improved customer retention. It will enhance distributor productivity through its Partner App and Portal, providing advanced analytics including SIP analysis, portfolio analysis, and customer one view that enable data-driven client servicing and improved customer retention.

Pursuant to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, Swadha Nature has informed that it has received a confirmation from, S. K. Infosolutions Registrar and Transfer Agent of the Company for the quarter ended on June 30, 2026 regarding that the securities received from the depository participants for dematerialization during the quarter ended June 30, 2026.

The above information is a part of company’s filings submitted to BSE.