SBI and Amundi Plan IPO for SBI Funds Management in 2026
State Bank of India and Amundi have announced their joint intention to take SBI Funds Management Private Limited public in 2026, subject to market conditions and necessary approvals.
According to the press release, SBI Funds Management, established in 1992, is 61.9% owned by State Bank of India (SBI), 36.4% by Amundi, and 1.7% by employees. The company currently manages a total of 28.31 trillion INR, equivalent to 269 billion euros, representing a 15.5% market share in mutual funds in India.
Details of the IPO
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The release specifies that at the time of the IPO, about 10% of SBI Funds Management's capital will be offered to the market, divided between 6.3% from SBI and 3.7% from Amundi. This operation will be the third listing of an SBI subsidiary, following SBI Cards and SBI Life Insurance.
Strategic Implications and Leadership Perspectives
According to Valérie Baudson, CEO of Amundi, the IPO will enhance the joint efforts of SBI and Amundi in developing SBI Funds Management. The Indian market is seen as having strong potential, and the move aims to strengthen the company's leadership position while offering new investment opportunities. Additionally, SBI's chairman, Shri Challa Sreenivasulu Setty, noted that this operation will increase the company's visibility and maximize value for current shareholders.
Au troisième trimestre, Amundi a prolongé les dynamiques positives avec une collecte de +15 Md€, une hausse des revenus de +5% et une progression du résultat avant impôt de +4 %.
Collecte soutenue (9M +67 Md€, T3 +15 Md€), encours record 2 317 Md€, croissance des revenus (+4,9 % 9M ajusté), forte progression d'Amundi Technology (+48% 9M/9M) et bonne dynamique des ETF (+28 Md€ 9M). Résultats ajustés en hausse: résultat avant impôt ajusté 9M 1 340 M€, résultat net ajusté 9M 978 M€.
Risks mentioned
Incertitude sur le renouvellement du contrat de distribution UniCredit à échéance juillet 2027
Risque de change: effet défavorable du dollar US (-12%) et de la roupie indienne (-15%) sur les encours
Risque de réallocation de l'EPFO pouvant entraîner sorties pour SBI FM (30-40 Md€ évoqués)
Volatilité des marchés pouvant impacter les encours et la collecte
Opportunities identified
Croissance en Asie (collecte 9M +29 Md€, forte contribution des JV et distribution directe)
Distribution Tiers et plateformes digitales (collecte 9M +21 Md€, 34% de la collecte via plateformes digitales)
Actifs privés et stratégies Megatendances (levée Mégatendances III 0,3 Md€)
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Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
