Issue closes on Thursday, July 16, 2026, for bidding

Leading brokerage firms like Anand Rathi, Arihant Capital, Chola Securities, Kantilal Chhaganlal Securities, SMIFS Limited and Ventura Securities have given their “Subscribe” recommendation to SBI Funds Management, which is the largest asset management company (“AMC”) in India by quarterly average mutual fund assets under management (“QAAUM”), with QAAUM of ₹12,509.98 billion and a mutual fund market share of 15.3% as of March 31, 2026

The Company has fixed the price band of ₹545/- to ₹574/- per Equity Share of face value ₹1/- each for its maiden initial public offer. The Initial Public Offering (“IPO” or “Issue”) of the company will open on 14 July, 2026, for subscription and close on 16 July, 2026. Investors can bid for a minimum of 26 Equity Shares and in multiples of 26 Equity Shares thereafter.

Brokerage house reports have highlighted strong fundamentals of the company.

Anand Rathi highlights the company operates an asset-light, fee-based business model through the management of mutual funds, Portfolio Management Services (PMS), Alternative Investment Funds (AIFs), Specialized Investment Funds (SIFs) and advisory mandates across equity, debt, hybrid, passive and overseas investment products.

On the valuation front, at the upper price band, the company is valued at a P/E of 38.1 times. It recommends a “Subscribe” rating to the IPO.

Arihant Capital highlights the company is India’s largest asset management company (AMC) by quarterly average mutual fund assets under management (QAAUM).

On the valuation front, at the upper price band, the issue is valued at a P/E of 38.1 times, broadly in line with or at a discount to larger listed peers, supported by its dominant franchise and superior return ratios.  It recommends a “subscribe for long term” rating.

Chola Securities highlights the company benefits from the strong SBI franchise, which provides a significant competitive advantage through access to SBI’s extensive branch network, large customer base, and strong brand credibility, supporting customer acquisition and asset mobilization, particularly in Beyond Top 30 (B-30) cities.

On the valuation front, it is fairly valued at 38 times FY26 earnings, compared with listed peers such as HDFC AMC (41 times), ICICI Prudential AMC (48 times), and Nippon Life India AMC (51 times), considering its AUM growth prospects and revenue yield profile relative to peers. It has a “SUBSCRIBE” rating.

SMIFS Limited highlights the company combines SBI’s unmatched domestic reach with Amundi’s global asset-management expertise.

On the valuation front, using FY26 profit after tax (PAT) of ₹30,673.76 million, the implied P/E is approximately 38 to 39 times FY26 earnings. This is a premium valuation in absolute terms, but not unreasonable for a market-leading, high-ROE, cash-generative AMC if earnings growth remains durable. It has a ‘Subscribe’ rating.