SBI Mutual Fund, operated by SBI Funds Management Limited (SBIFML), has become one of the most sought-after unlisted opportunities in India’s private market. Backed by the State Bank of India and French investment major Amundi, the company has consistently delivered strong financial performance, industry leadership, and long-term structural growth. As SBIFML prepares for its planned IPO in 2026, investor interest in its unlisted shares has surged. Here are five compelling reasons why SBI Mutual Fund’s unlisted shares stand out today.
1. Market Leadership With Massive AUM Growth
SBI Mutual Fund is the largest asset management company in India, with assets under management exceeding Rs 10.67 lakh crore as of FY25. It commands leadership across retail, debt, equity, and passive categories. This scale provides unmatched distribution strength, investor trust, and revenue stability. In a sector where bigger AUM directly drives profitability, SBI MF’s dominant position makes it structurally superior to most peers.
2. Strong Financial Performance and Profitability
The company has delivered consistent financial growth over the past three years:
Revenue rose from Rs 2,412 crore in FY23 to Rs 4,236 crore in FY25.
Profit after tax nearly doubled from Rs 1,329 crore to Rs 2,540 crore.
Return ratios remain exceptional, with ROE above 30 % and ROA near 29%.
These metrics reflect operational efficiency, disciplined cost control, and the strength of SBI MF’s distribution engine. Investors often look for AMCs with long-term cash-generating models, and SBI MF fits this profile well.
3. Robust Balance Sheet and Low-Leverage Structure
SBI MF operates with minimal debt and high liquidity. Its steady inflow of management fees, scaled operations, and strong parentage ensure low financial risk. The AMC business itself is asset-light, meaning profits convert easily into free cash flow. This makes the company highly resilient across market cycles, an attractive trait for long-term investors.
4. High Probability of Value Unlock Through Upcoming IPO
With SBI and Amundi planning to divest around 10 % stake in the upcoming IPO, the public listing is expected to unlock significant value. Historically, AMC listings such as HDFC AMC and Nippon AMC have commanded premium valuations due to steady profits, predictable cash flows, and high brand recall. As the market leader, SBI MF may see even stronger investor appetite during listing.
5. Rising Unlisted Share Price Reflects Strong Demand
SBI MF’s unlisted share price has risen from about Rs 1,100 in 2023 to around Rs 2,700 in 2025, driven by solid fundamentals and increasing private-market demand. Despite this rise, valuations remain reasonable compared to listed AMC peers when adjusted for scale and profitability.
SBI Mutual Fund unlisted shares present a rare combination of stability, scale, profitability, and upcoming listing potential, making them a compelling long-term opportunity for informed investors.
