SBI Funds IPO final price set at 574 rupees a share; Amundi expects about 300 million euro gain

SBI Funds Management has set the final price for its initial public offering at 574 rupees per share, the top end of the range, after attracting demand about 42 times the shares on offer in a roughly $1 billion deal. The IPO opened on July 14 and closed on July 16, was fully subscribed by the second day, and is expected to list on July 21 following SEBI approval in June 2026. The transaction was structured as a 100% offer-for-sale, so the company itself is not raising fresh capital. Existing shareholders State Bank of India and Amundi are selling about 20.37 crore shares at a price band of 545 to 574 rupees per share, implying an issue size of about 9,813 crore rupees, or roughly $1.03 billion, at the top end. Amundi has said the sale is expected to generate a capital gain of about 300 million euros net of tax and transaction costs. The offering values SBI Funds Management at about 1.17 trillion rupees, or roughly 38 times projected 2026 earnings. SBI Funds Management is India’s largest asset manager and operates as a joint venture between State Bank of India and Amundi. Earlier disclosures described it as having 29.5 trillion rupees ($395 billion) under management as of March 2026, while the latest account says it manages 12.5 trillion rupees ($131 billion). The listing is being closely watched as a marker of investor appetite for large Indian equity offerings and for the country’s expanding mutual fund industry.