Biggest India Asset Manager Said to Eye $1.2 Billion IPO in 2026

SBI Funds Management Ltd. is considering raising as much as $1.2 billion in an initial public offering that could take place in Mumbai in the first half of 2026, people familiar with the matter said.

India’s biggest asset manager plans to ask banks to pitch for mandates to work on the IPO in the coming weeks, the people said, asking not to be identified because the information is private. SBI Funds may be valued at $12 billion, they said.

Deliberations are ongoing and details may change, the people said.

SBI Funds is owned by State Bank of India Ltd. and ...