State Bank of India said, on Wednesday (July 8, 2026), its ​asset management joint venture, SBI Funds Management, filed ‌a red herring prospectus for its Initial ​Public Offering (IPO), and the share ⁠sale was set to open for public subscription on July 14.

The IPO comprises an offer for the sale of up to 203.7 million shares, representing about 10% of SBI Funds Management’s paid-up equity capital. State Bank ‌of ⁠India will sell up to ⁠128.3 million shares, while joint venture partner Amundi India Holding will divest up to 75.4 million shares.

Anchor investors will ​bid on July ‌13, a day before the issue opens. The IPO will close on July 16. The IPO has drawn interest from sovereign ‌wealth funds, including the Abu Dhabi Investment ​Authority and GIC, Reuters reported on Tuesday (July 9, 2026).

The offering comes amid renewed tensions in ⁠the West Asia that have driven up oil prices and clouded the outlook for global ‌financial markets. It is also expected to kick off a busy second half for share sales, with offerings from companies including Reliance Jio and the National Stock Exchange of India anticipated later this year.

SBI Funds Management oversaw ‌assets worth 12.5 trillion rupees ($131.4 billion) as of the ​end of March 2026, according to its prospectus. Its valuation would compare ⁠with the market capitalisations of about $12.5 billion for HDFC Asset ⁠Management Company and about $17.2 billion for ICICI Prudential Asset Management Company. India’s largest asset ‌manager is expected to announce the IPO price band separately.