Cyril Amarchand Mangaldas (CAM), S&R Associates, Shardul Amarchand Mangaldas (SAM), Hogan Lovells Cadwalader and Khaitan & Co advised on SBI Funds Management’s INR 9,795 crore IPO.

SBI Funds Management Limited (SBIFM), the flagship asset management company of the SBI Group and India’s largest asset manager by quarterly average mutual fund assets under management, completed its initial public offering (IPO) aggregating INR 9,795.32 crore, making it the largest IPO in India in 2026 as of the date of listing.

The IPO comprised an offer for sale by promoter selling shareholders State Bank of India and Amundi India Holding. Including the pre-IPO secondary sales undertaken by the promoters, the aggregate proceeds amounted to INR 11,675.29 crore (approximately US$1.21 billion). The offering attracted bids worth approximately US$31.14 billion, making it one of India’s most subscribed IPOs.

CAM advised SBI Funds Management Limited and State Bank of India on the IPO.

The team advising SBIFM was led by Senior Partner Yash J. Ashar and Partner Devaki Mankad (Regional Co-Head – Capital Markets – West), with support from Principal Associates Rushab Dhandokia and Tanushri More, and Associates Hitesh Nagpal, Aniruddh Saraswat, Khushi Parekh, Chinmay Jumde, and Aria Sheth.

The team advising State Bank of India was led by Partner Anshul Roy, with support from Senior Associates Vartika Bhatnagar and Anuj Kumar Gupta, and Associate Janhavi Deshmukh.

The transaction teams were also assisted by Partner Bharath Reddy, Senior Associate Designate Abhishek Gabriel, and Associate Aarav Prasad on ESOP-related matters.

S&R Associates represented the Amundi group in connection with the IPO and the pre-IPO secondary sales of its shareholding in SBI Funds Management.

The IPO team was led by Partners Sandip Bhagat, Jitesh Shahani, and Shiv Bhargava, and included Associates Akshaya Rengan, Yashvardhan Singh, Aarush Sharma, and Pratyush Singh. The pre-IPO secondary sale team was led by Partner Radhika Iyer, with support from Associates Shreya Jaipuria and Ayushi Shrivastava. Partner Dhruv Nath advised on corporate and regulatory matters, while Partner Sumit Bansal, Counsel Shivani Chhabra, and Associates Ankur Kishanpuria and CA Koushal Garg advised on tax matters.

SAM advised the underwriters to the IPO, comprising 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 team was led by National Practice Head Prashant Gupta, Partners Nikhil Naredi and Krupa Brahmbhatt, with support from Principal Associate Tarun Srikanth, Senior Associate Shivang Agarwal, and Associates Gayathri Krishnan, Shabri Bose, Rudraksh Karnik, and Anshika Tyagi. Senior Associate Divya Dhawan also contributed to the transaction.

Hogan Lovells Cadwalader advised the underwriters as U.S. and international counsel on the offering.

The team was led by Head of the India Practice and Dubai Office Managing Partner Biswajit Chatterjee, with support from Varun Jetly, Kaustubh George, Aditya Rajput, Nancy O’Neil, and Parikshit Dasgupta, who advised on U.S. tax and U.S. investment funds matters.

Khaitan & Co. Advised SBI Funds Management Limited and State Bank of India on the pre-IPO amendment of the shareholders’ agreement and related inter-se agreements to facilitate the IPO.

The core team comprised Abhimanyu Bhattacharya, Aditya George Cheriyan, Oishik Bagchi, and Aastha Dhuppad.