Amundi and SBI to Divest Up to 10% of SBI Funds Management Through IPO in Mumbai
SBI Funds Management Limited (SBIFM), a joint venture between State Bank of India and Amundi, filed its preliminary prospectus with Indian authorities on July 8, 2026, in preparation for its initial public offering on the Indian stock markets.
Following the announcement of the IPO plan published on November 6, 2025, SBIFM filed its Red Herring Prospectus (RHP) on July 8, 2026, with the Registrar of Companies in Mumbai, the Securities and Exchange Board of India (SEBI), and the BSE Limited and National Stock Exchange of India Limited. As of the filing date, SBIFM had 2,036,827,612 shares outstanding. A maximum of 10% of the capital is to be divested in the transaction: 6.3% by SBI (128,334,397 shares) and 3.7% by Amundi (75,374,842 shares). The operation does not include the issuance of new shares.
IPO Schedule and Price Range
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The price range for the IPO has been set between 545 and 574 INR per share, in accordance with SEBI ICDR regulations. According to the indicative schedule, the subscription period reserved for anchor investors will open on July 13, 2026. The IPO will be open to the public from July 14 to July 16, 2026. The first listing is expected to occur on July 21, 2026, at the BSE Limited and the National Stock Exchange of India Limited.
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€)
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
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.
