French asset manager Amundi is set to earn nearly ₹4,400 crore from its 15-year-old investment in SBI Funds Management via an upcoming IPO. The firm will sell a 3.7% stake, while remaining a major 32.56% shareholder after the public offer.
French financial services group Amundi is preparing for a significant partial exit from SBI Funds Management as the asset manager moves toward its initial public offering. Amundi India Holding, a subsidiary of the Paris-based firm, is set to sell 75.37 million shares, which accounts for a 3.7% stake in the company. Based on the estimated valuation of ₹1.17 lakh crore, this stake sale is expected to bring in between ₹4,330 crore and ₹4,400 crore.
This marks a substantial return on an initial investment made 15 years ago. Amundi’s history with the venture dates back to 2011, when it acquired its stake from Société Générale Asset Management. According to the company's draft prospectus, the initial investment was approximately ₹173.9 crore. Over the years, the shareholding increased through stock splits and a 3:1 bonus issue, bringing the company's average acquisition cost to ₹4.35 per share.
IPO Structure and Shareholder Impact
The upcoming public offer is structured entirely as an Offer for Sale (OFS), meaning the company will not receive any new money from the listing. Instead, existing shareholders are selling their stakes to the public. The total size of the offering is expected to be around ₹11,700 crore. Aside from Amundi’s divestment, the primary promoter, State Bank of India, is also participating by selling 128.33 million shares, or about 6.3% of the company, which is expected to generate approximately ₹7,370 crore.
Despite the sale, Amundi plans to stay involved in the business. Post-IPO, it will retain a 32.56% stake, remaining the second-largest shareholder and a key strategic partner to the State Bank of India. The two entities have already finalized revised governance agreements in March 2026 to ensure a stable management structure after the company lists on the stock exchanges.
Market Standing and Asset Management Context
SBI Funds Management holds a strong position in the Indian market. As of the quarter ending December 31, 2025, it managed ₹12.5 lakh crore in average assets, representing a 15.4% market share in the Indian mutual fund industry. The parent company, Amundi, is a global leader in the asset management sector, overseeing nearly €2.4 trillion in assets for millions of clients worldwide.
For investors, the key monitorable will be the final price band and the valuation at which the IPO is offered. Since this is an existing business with a well-defined track record and market share, the market will likely focus on its future growth capability within the competitive Indian mutual fund sector and how the ongoing partnership between SBI and Amundi influences operational strategy after the company becomes a publicly traded entity.