SBI AMC - IPO Report

SBI Funds Management Ltd. (SFML) is India's largest asset management company (AMC) by quarterly average mutual fund assets under management (QAAUM), managing ₹12.5 trillion in mutual fund QAAUM with a 15.3% market share and ₹29.5 trillion in total QAAUM as of March 31, 2026. Backed by State Bank of India and Amundi, the company recorded a 14.2% CAGR in total QAAUM and 17.0% CAGR in mutual fund QAAUM during FY24–FY26.

SFML operates a diversified investment platform comprising 128 mutual fund schemes across equity, debt, hybrid, ETFs, index funds, arbitrage, liquid, overnight and overseas fund-of-funds, alongside Portfolio Management Services (PMS), Alternative Investment Funds (AIFs), Specialized Investment Funds (SIFs), advisory services and offshore investment solutions, catering to retail, HNI and institutional investors.

The company has a strong retail and alternate asset management franchise, serving 18 million unique mutual fund investors with an industry-leading 16.2 million live SIP accounts and an 11.4% market share through an extensive omnichannel distribution network and digital platforms. It is also India's largest PMS and advisory provider with a 39.7% market share and among the largest SIF platforms, with AUM of ₹29.95 billion and a 28.2% market share.

SFML leverages SBI's YONO platform, its proprietary InvesTap application and the global distribution network of SBI and Amundi to expand customer reach across India and key international markets. The company maintains the lowest operating expense ratio at 0.08% among the top 10 Indian AMCs, significantly below the peer range of 0.10%–0.25%, demonstrating operating leverage from its scale.