SBI Funds Management Limited has taken a significant step towards its initial public offering (IPO) by submitting a draft red herring prospectus to the Securities and Exchange Board of India (SEBI) on March 19, 2026. This IPO involves an offer for sale by key promoter shareholders, namely the State Bank of India and Amundi Indian Holding, a French-based entity.
Cyril Amarchand Mangaldas: Legal Advisors to SBI
The prominent law firm, Cyril Amarchand Mangaldas, is representing SBI Funds and its promoter, the State Bank of India, in this IPO process. Leading the advisory team is Yash J. Ashar, Senior Partner, along with Devaki Mankad, Partner and Regional Co-Head of Capital Markets – West. They are supported by Principal Associates Rushab Dhandokia and Tanushri More, as well as Associates Aniruddh Saraswat, Khushi Parekh, Chinmay Jumde, and Aria Sheth.
In addition, the legal advisory team for the State Bank of India includes Partner Anshul Roy, Senior Associates Vartika Bhatnagar and Anuj Kumar Gupta, and Janhavi Deshmukh. The team also benefits from the expertise of Bharath Reddy, Partner, with additional support from Senior Associate Designate Abhishek Gabriel and Associate Aarav Prasad on matters related to Employee Stock Ownership Plans (ESOPs).
For the Pre-IPO secondary sales amounting to ₹1,655 crore, the State Bank of India is further benefited by the guidance of Soumya Srivastava, Partner, alongside Principal Associate Satvik Kulshrestha and Senior Associate Viraj Vaidya.
Linklaters and S&R Associates: International Legal Counsel
International legal counsel for SBI Funds is being provided by Linklaters, with Amit Singh, Partner and Head of the India Practice, at the helm. The in-house legal team at SBI Funds Management is led by Vinaya Datar, who serves as the Chief Compliance Officer, Company Secretary, and Head of Legal.
S&R Associates is lending its expertise to Amundi for this IPO, with additional international legal support from Cleary Gottlieb.
Shardul Amarchand Mangaldas and Hogan Lovells: Advisors to Lead Managers
Shardul Amarchand Mangaldas & Co. is advising the book running lead managers, which include Kotak Mahindra Capital, Axis Capital, BOFA Securities, HSBC Securities & Capital Markets, ICICI Securities, Jefferies, JM Financial, Motilal Oswal Investment, and SBI Capital Markets. The advisory team is spearheaded by Prashant Gupta, National Practice Head for Capital Markets, and Partner Krupa Brahmbhatt, supported by Principal Associate Tarun Srikant and Associates Shivang Agarwal, Gayathri Krishnan, Rudraksh Karnik, Shabri Bose, and Anshika Tyagi.
Providing international legal counsel to the book running lead managers is Hogan Lovells, led by Biswajit Chatterjee, Head of the India Practice and Managing Partner of the Dubai Office.
About SBI Funds Management
SBI Funds Management is a collaborative venture between the State Bank of India and Amundi, a major European asset management company. As the asset management arm of SBI Mutual Fund, the company offers a range of investment advisory and management services.
