Shardul Amarchand Mangaldas & Co. (SAM) advised the Indian legal counsel to the Underwriters on the initial public offering (IPO) of SBI Funds Management Limited, comprising an offer for sale of 203,709,239 equity shares by the promoter selling shareholders, State Bank of India and Amundi India Holding, aggregating to ₹ 11,675.29 crore ($1.21 billion) (including sales of 32,752,608 equity shares aggregating to ₹ 1,879.97 crore by the promoter selling shareholders post the filing of the red herring prospectus).
The Underwriters to the IPO included Kotak Mahindra Capital Company Limited, Axis Capital Limited, BofA Securities India Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, Jefferies India Private Limited, JM Financial Limited, Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited.
The IPO is the largest public offering in India in 2026 to date and marks a significant milestone for the Indian capital markets. The equity shares were listed on the stock exchanges on 21 July 2026.
The SAM transaction team was led by Prashant Gupta, Partner — National Practice Head — Capital Markets, along with Nikhil Naredi, Partner, and Krupa Brahmbhatt, Partner, with support from Tarun Srikanth, Principal Associate; Shivang Agarwal, Senior Associate; Gayathri Krishnan, Associate; Shabri Bose, Associate; Rudraksh Karnik, Associate; and Anshika Tyagi, Associate.
