Amundi Nets €300 Million Gain Following SBI Funds Management IPO in India
Following the IPO of SBI Funds Management Limited on the Indian stock markets, Amundi sold 75.4 million shares, representing 3.7% of the joint venture's capital. This transaction resulted in a net gain of approximately €300 million after taxes and fees.
The final IPO price was set at 574 Indian Rupees per share, at the upper end of the initially selected range. The final prospectus for SBI Funds Management Limited was filed on July 16, 2026, with Indian authorities. A total of 203.7 million shares, representing 10% of the company's capital, were sold during the IPO and a pre-IPO private placement. Amundi participated in this transaction by selling 75.4 million shares, corresponding to 3.7% of SBIFM's capital, while the partner shareholder State Bank of India sold 128.3 million shares, representing 6.3% of the capital.
The trading of SBI Funds Management Limited shares began on July 21, 2026, on the Mumbai Stock Exchange and the National Stock Exchange of India.
A €300 Million Gain in the Third Quarter
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The sale of shares in this transaction resulted in a net gain of approximately €300 million for Amundi, after taxes and transaction costs. This gain will be recorded in the third quarter of 2026 in the asset manager's accounts. This transaction highlights Amundi's return on investment in its Indian joint venture, established to develop asset management solutions in one of Asia's most dynamic markets.
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.
