State Bank of India GDR

Amundi has set the final offer price for the initial public offering of SBI Funds Management Limited at INR 574 per share, the upper end of the price range. A total of 203,709,239 shares, representing 10% of the company, will be sold upon completion of the IPO and a pre-IPO private placement, with Amundi selling 75,374,842 shares, or 3.7% of the capital, and State Bank of India selling 128,334,397 shares, or 6.3% of the capital. Amundi expects the transaction to generate a net capital gain of approximately €300 million after tax and transaction costs, to be booked in the third quarter. The shares are expected to begin trading on Indian stock exchanges on 21 July 2026.

SBI Fund Management's initial public offering attracted bids worth 2.97 trillion rupees, or $30.7 billion, making it India's largest IPO this year. The joint venture between State Bank of India and Amundi Group was raising 97.9 billion rupees, or $1 billion, and the offering was oversubscribed 41.6 times overall. The qualified institutional buyer portion was subscribed 140 times, driven mainly by domestic banks and insurance companies, while retail investor subscriptions reached 3.6 times. The strong institutional demand bodes well for upcoming mega IPOs from the National Stock Exchange and Jio Platforms, each expected to raise over $3 billion later this year. SBI Funds is India's largest asset manager with 29.5 trillion rupees, or $395 billion, under management as of March 2026.