SBI Mutual Fund IPO 2026: DRHP Filing in March, Listing by September

The Indian capital markets are gearing up for one of the most anticipated IPOs in the financial sector and especially falls under the asset management sector in 2026, the IPO of SBI Mutual Fund, which is poised to transform the wealth management landscape in India and increase investor participation in passive income generation.

According to the latest official commentary, the company plans to file a draft Red Herring Prospectus (DRHP) by March 2026, marking the official start of the IPO process.

And the listing moment the shares are scheduled to be listed on Indian exchanges by September 2026, that is among the financial market milestones of the year.

Backstory: Why the SBI Mutual Fund IPO Matters

SBI Mutual is not just another big IPO candidate however it is the flagship asset management venture of State Bank of India (SBI), India’s largest bank by assets and branch network that has capacity to fund around 94,000 crore borrowers who need finances for personal and business requirements,  Its scale and reach and expansion of branches have made it one of the most widely owned mutual fund houses in India, catering to retail investors, institutions, high-net-worth individuals and pension schemes alike. 

Interestingly, SBI Mutual Fund IPO is not just another IPO candidate SBI Mutual is the flagship asset management business  that is considered to be State Bank of India (SBI) India's largest bank by assets and branch network. Its size and scope make it one of the most widely held mutual funds in India catering to both retail and institutional investors, high net worth individuals and retirement plans. 

Unlike most new IPOs , IPOs this listing will have strategic and financial implications for the wider domestic savings ecosystem. The move follows SBI’s corporate roadmap to expand capital markets participation among Indian households, while unlocking shareholder value built over decades of mutual fund growth and distribution penetration through SBI’s vast branch network.

This IPO is set to occur against the backdrop of a broader 2026 primary market boom where Indian markets could witness record deal flow and capital mobilisation across sectors from telecom and financial services to technology and consumer businesses. 

SBI Mutual Fund is not a small player. It is the largest standalone asset manager in India, managing a significant portion of mutual fund assets across schemes ranging from equity to fixed income, hybrid portfolios, ELSS tax-savers and ETFs. As of late 2025, the asset management arm commanded assets under management in excess of ₹12 lakh crore, with a quarterly average AUM of nearly ₹12 lakh crore and a market share in the mid-teens percentage range for the overall industry. 

SBI Mutual Fund IPO: Financials

What the Offer Looks Like:  Stake Sale, Not Fresh Capital

​Unlike many corporate IPOs aimed at raising fresh capital for expansion, the SBI Mutual Fund IPO is likely to be a pure offer for sale (OFS) by its promoters  State Bank of India and global partner Amundi. According to filings and industry reports:

• SBI will divest approximately 6.3% of its stake.

• Amundi India will carve out roughly 3.7% of its holding.

• In total, around 10% of the company’s equity is expected to be offered to the public via the IPO. 

The company currently manages the funds very efficiently and has significant assets under management (AUM) of nearly  ₹12 crore and has a strong market share in the Indian mutual fund industry.  This deep footprint across billions in retail accounts and systematic investment schemes highlights why IPOs attract sustained market attention. 

Conclusion 

The IPO of SBI Mutual Mutual Fund has emerged as one of the most watched public market events of 2026 for India’s asset management sector. DRHP is expected to open a new chapter in the wealth management sector in India with its announcement scheduled for March and expected to be rolled out by September.

Investors will watch closely not just the valuation, but the broader narrative retail participation, anchor demand, market timing and how this IPO fits into the larger 2026 equity markets milieu.

Ultimately, this listing is not just about unlocking value for SBI and Amundi; it is about allowing ordinary investors to own a slice of India’s financial intermediation growth story.