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IPO Filing · July 8, 2026 · SBI Funds Management RHP

SBI Funds Management's IPO: A Payday With No Price Tag

Up to 203,709,239 shares are on offer at ₹1 face value—but with no fresh issue and no price band, the company raises nothing and the IPO’s value remains unknown.

The July 8, 2026 red herring prospectus sets out a 100% book-built offer for sale of up to 203,709,239 equity shares, each with a ₹1 face value. There is no fresh issue: SBI Funds Management receives no new capital, and every rupee raised goes to selling shareholders State Bank of India and Amundi India Holding.

The company’s promoters are State Bank of India, Amundi India Holding and Amundi Asset Management. The shares are proposed to list on BSE and NSE, with NSE designated for the offer.

203.7M

shares offered entirely by two promoter shareholders

SBI 63% · Amundi India Holding 37%

29×

Cost-basis gap—setting up sharply different gains once the offer price is fixed

Certified July 8, 2026 · ₹1 face value per share

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Floor Price · Cap Price · Offer Price · Aggregate ₹ million

Until the price band is announced, the promoters’ payday and SBI Funds Management’s implied valuation remain unknown.

The book-building window will determine the still-blank offer price. On the July 16 closing date, UPI mandates end at 5:00 p.m.

The shares are proposed to list on BSE and NSE, with NSE as the designated stock exchange. KFin Technologies Limited is registrar to the offer.

Nine book-running lead managers

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 · SBI Capital Markets.

SBI Capital Markets is an associate of both SBIFM and SBI. Under Regulation 21A of the SEBI Merchant Bankers Regulations and Regulation 23(3) of the SEBI ICDR Regulations, it is restricted to marketing the offer—even though it signed the due-diligence certificate.

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The price band that decides everything

Still blank in the July 8 RHP: floor price, cap price, offer price and aggregate offer size. Expected before bidding opens July 14–16, the band will set SBI Funds Management’s market value—and the payout to SBI (63% of shares; ₹0.15 cost basis) and Amundi India Holding (37%; ₹4.35) in this pure offer for sale.