SBI Funds Management has enlisted nine financial institutions to guide its planned initial public offering (IPO), reported Bloomberg, citing sources. 

The IPO is anticipated to raise around $1.4bn in the first half of 2026.  

The group of advisers includes Kotak Mahindra Capital, ICICI Securities, SBI Capital Markets, Motilal Oswal Investment Advisors, Axis Bank, JM Financial, as well as the Indian arms of HSBC Holdings, Citigroup and Bank of America.  

The formalisation of these appointments is expected soon, with estimates suggesting that the company’s valuation may reach about $14bn. 

Sources indicate that discussions regarding the structure and scope of the offering are ongoing and subject to revision. 

SBI Funds Management operates as a joint venture between State Bank of India and Amundi. Last year, both partners disclosed plans for an IPO involving a combined 10% stake sale. 

State Bank of India, which owns 61.9% of the asset management company, plans to sell 6.3% of its holding. Amundi, with a 36.4% stake, intends to divest 3.7%. 

Representatives for State Bank of India, Amundi SA, SBI Funds Management, and the listed banks refrained from commenting. 

State Bank of India chairman CS Setty, recently stated in an interview with The Economic Times: “Our focus is on completing the IPO of SBI Mutual Fund within 12 months. No plans for other IPOs or stake sales.” 

The announcement comes shortly after ICICI Prudential Asset Management raised $1.2bn through an IPO last month that drew subscriptions more than 39 times the available shares.  

ICICI Prudential AMC currently holds a valuation of nearly $14bn.