Mumbai | SBI Mutual Fund, the country's largest fund house, on Thursday filed preliminary papers with capital markets regulator SEBI to raise funds through an initial public offering (IPO).

The proposed maiden public offering is entirely an offer for sale (OFS) of up to 20.37 crore equity shares, with no fresh issue component, according to the draft red herring prospectus (DRHP).

The offering will see promoters, State Bank of India (SBI) and Amundi India Holding, pare their stakes.

SBI Funds Management Ltd is a joint venture between SBI and Paris-based Amundi, holding 61.98 per cent and 36.40 per cent stake, respectively.

The company is the country's largest asset management firm, with a quarterly average assets under management (QAAUM) of nearly Rs 12.5 lakh crore as of December 2025.

SBI Mutual Fund, sponsored by SBI and established in 1987, was the first non-UTI mutual fund in India.

A consortium of merchant bankers has been appointed to manage the issue, including Kotak Mahindra Capital, Axis Capital, BofA Securities India, HSBC Securities and Capital Markets (India), ICICI Securities, Jefferies India, JM Financial, Motilal Oswal Investment Advisors and SBI Capital Markets.