Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

SBI Funds Management / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-funds-management-ltd" target="_blank" data-smartkarma-citation="entities:48001:1" rel="noopener">SBI Funds Management</a> is looking to raise about US$1.5bn in its upcoming India IPO.</li>
<li>SBI Funds Management is an asset management company(AMC) involved in managing mutual funds, providing portfolio management services, managing alternative investment funds and ETFs, and providing advisory services to offshore clients.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



SBI Funds Management is looking to raise about US$1.5bn in its upcoming India IPO.
SBI Funds Management is an asset management company(AMC) involved in managing mutual funds, providing portfolio management services, managing alternative investment funds and ETFs, and providing advisory services to offshore clients.
In this note, we look at the company’s past performance.


Aequitas: SBI Funds Management Pre-IPO -Parent’s Network Helps but Some Fees Are Very Low

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>SBI Funds Management is coming to market via a 100% Offer for Sale of ~20.37 crore shares, with no fresh capital raise.</li>
<li>The IPO provides exposure to India’s structurally underpenetrated asset management industry, led by a strong banking distribution franchise.</li>
<li>A high-quality AMC franchise with scale advantages, but valuation discipline and market-cycle sensitivity will be critical for investors.</li>
</ul>


SBI Funds Management is coming to market via a 100% Offer for Sale of ~20.37 crore shares, with no fresh capital raise.
The IPO provides exposure to India’s structurally underpenetrated asset management industry, led by a strong banking distribution franchise.
A high-quality AMC franchise with scale advantages, but valuation discipline and market-cycle sensitivity will be critical for investors.


SBI Funds Management IPO: Does Market Leadership Translate into Premium Growth?

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-funds-management-ltd" target="_blank" data-smartkarma-citation="entities:48001:1" rel="noopener">SBI Funds Management Ltd</a> is looking to raise aboutUS$1.5bn in its India IPO, which will be run by a number of banks including Axis, BofA, HSBC, Jefferies, Motilal and SBI.</li>
<li>SBI Funds Management is an asset management company(AMC) involved in managing mutual funds, providing portfolio management services, managing alternative investment funds and ETFs, and providing advisory services to offshore clients.</li>
<li>According to CRISIL, it was the largest AMC in India in terms of quarterly average assets under management (QAAUM) with a 15.4% market share, as of Dec 31, 2025.</li>
</ul>



SBI Funds Management Ltd is looking to raise aboutUS$1.5bn in its India IPO, which will be run by a number of banks including Axis, BofA, HSBC, Jefferies, Motilal and SBI.
SBI Funds Management is an asset management company(AMC) involved in managing mutual funds, providing portfolio management services, managing alternative investment funds and ETFs, and providing advisory services to offshore clients.
According to CRISIL, it was the largest AMC in India in terms of quarterly average assets under management (QAAUM) with a 15.4% market share, as of Dec 31, 2025.


Aequitas: SBI Funds Management Pre-IPO Tearsheet

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Thematic (Sector/Industry)

<ul>
<li>Indian mutual funds sold a record Rs. 35,600 crore of government bonds in March 2026, smashing the previous monthly high set just two months ago.</li>
<li>An Iran war-driven oil shock killed rate-cut hopes, while a supply glut from record government borrowing made holding long-duration bonds a losing trade.</li>
<li>Until oil stabilises and the RBI signals fresh rate cuts, fund managers will keep rotating into short-duration corporate bonds and away from government paper.</li>
</ul>


Indian mutual funds sold a record Rs. 35,600 crore of government bonds in March 2026, smashing the previous monthly high set just two months ago.
An Iran war-driven oil shock killed rate-cut hopes, while a supply glut from record government borrowing made holding long-duration bonds a losing trade.
Until oil stabilises and the RBI signals fresh rate cuts, fund managers will keep rotating into short-duration corporate bonds and away from government paper.


Why India's Mutual Funds Are Selling Bonds at a Record Pace?

Amagi Media Labs / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amagi-media-labs-limited" target="_blank" data-smartkarma-citation="entities:45644:1" rel="noopener">Amagi Media Labs (AMAGI IN)</a> raised about US$190m in its India IPO in Jan 2026. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>AML enables its clients to manage, distribute, and monetize live, linear, and on-demand content seamlessly across traditional TV, Over-The-Top (OTT), and Free Ad-Supported Streaming TV (FAST) platforms.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement</li>
</ul>



Amagi Media Labs (AMAGI IN) raised about US$190m in its India IPO in Jan 2026. The lockup on its pre-IPO investors is set to expire soon.
AML enables its clients to manage, distribute, and monetize live, linear, and on-demand content seamlessly across traditional TV, Over-The-Top (OTT), and Free Ad-Supported Streaming TV (FAST) platforms.
In this note, we will talk about the lockup dynamics and possible placement


Aequitas: Amagi Media Labs IPO Lockup Expiry - US$760m Release; Pre-IPO Investors Well in The Money

India

SBI Funds Management Limited is a prominent asset management company in India, offering a diverse range of investment products including mutual funds, ETFs across equity, fixed income, and gold, as well as portfolio management services and alternative investment funds. The company provides customized multi-asset segregated portfolio management services to various clients, from retail investors to institutions. It was founded in 1987 and is headquartered in Mumbai, India.

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SBI Funds Management (SBIFUNDS IN)

Aequitas: SBI Funds Management Pre-IPO -Parent’s Network Helps but Some Fees Are Very Low

SBI Funds Management is looking to raise about US$1.5bn in its upcoming India IPO. In this note, we talk about the company's past performance.

Sumeet Singh

SBI Funds Management IPO: Does Market Leadership Translate into Premium Growth?

SBI Funds Management's IPO offers exposure to India's asset management industry through 100% Offer for Sale, emphasizing valuation discipline and...

Sudarshan Bhandari

Aequitas: SBI Funds Management Pre-IPO Tearsheet

SBI Funds Management is looking to raise about US$1.5bn in its upcoming India IPO. The deal will be run by a number of banks including Axis, BofA,...

Akshat Shah

Why India's Mutual Funds Are Selling Bonds at a Record Pace?

Indian mutual funds are selling record amounts of government bonds due to an Iran war-driven oil shock and a supply glut from government...

Nimish Maheshwari

Aequitas: Amagi Media Labs IPO Lockup Expiry - US$760m Release; Pre-IPO Investors Well in The Money

A group of investors, including Trudy Holdings, AVP I Fund, and Accel India, have launched a INR6bn (US$63m) selldown, together selling 10.9m...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: SBI Funds Management Pre-IPO -Parent’s Network Helps but Some Fees Are Very Low

SBI Funds Management is looking to raise about US$1.5bn in its upcoming India IPO. In this note, we talk about the company's past performance.

Sumeet Singh

SBI Funds Management IPO: Does Market Leadership Translate into Premium Growth?

​SBI Funds Management's IPO offers exposure to India's asset management industry through 100% Offer for Sale, emphasizing valuation discipline and...

Sudarshan Bhandari

Aequitas: SBI Funds Management Pre-IPO Tearsheet

SBI Funds Management is looking to raise about US$1.5bn in its upcoming India IPO. The deal will be run by a number of banks including Axis, BofA,...

Akshat Shah

Why India's Mutual Funds Are Selling Bonds at a Record Pace?

​Indian mutual funds are selling record amounts of government bonds due to an Iran war-driven oil shock and a supply glut from government...

Nimish Maheshwari

Aequitas: Amagi Media Labs IPO Lockup Expiry - US$760m Release; Pre-IPO Investors Well in The Money

A group of investors, including Trudy Holdings, AVP I Fund, and Accel India, have launched a INR6bn (US$63m) selldown, together selling 10.9m...

Akshat Shah

SBI Funds Management's IPO offers exposure to India's asset management industry through 100% Offer for Sale, emphasizing valuation discipline and...

Indian mutual funds are selling record amounts of government bonds due to an Iran war-driven oil shock and a supply glut from government...