India’s Top Asset Manager Plans IPO in 2026 to Tap Robust Market

State Bank of India and Amundi SA approved a proposal to jointly sell a 10% stake in their mutual fund arm, marking a key step towards the initial public offering of India’s largest asset manager.

The board of Mumbai-based SBI, the country’s biggest bank, authorized a plan to sell 32 million equity shares in SBI Funds Management Ltd., amounting to a 6.3% stake in the venture, it said in a statement to the local exchange. Amundi India Holdings will sell 18.8 million equity shares, equivalent to a 3.7% stake, according to the statement.

SBI Funds Management is the largest ...