Cyril Amarchand Mangaldas Advises SBI Funds Management Limited on Its IPO

CAM advised SBI Funds Management Limited (“SBIFM”) and State Bank of India on the initial public offering (“IPO”) of SBIFM, with an offer size aggregating to ₹9,795.32 crores (“Offer”), which makes it the largest IPO of 2026 in India, as of date. SBIFM, which is the flagship asset management company of the SBI group, is the largest asset management company in India by quarterly average mutual fund assets under management. SBIFM is also India’s oldest asset management company, acting as the investment manager to SBI Mutual Fund, which commenced operations in 1987. The IPO transaction team advising SBIFM included: Yash J. Ashar, Senior Partner; Devaki Mankad, Partner (Regional Co-Head – Capital Markets – West); with support from Rushab Dhandokia and Tanushri More, Principal Associates; Aniruddh Saraswat, Khushi Parekh, Chinmay Jumde and Aria Sheth, Associates. The IPO transaction team advising State Bank of India included Anshul Roy, Partner; with support from Vartika Bhatnagar and Anuj Kumar Gupta, Senior Associates; and Janhavi Deshmukh, Associate. The IPO transaction teams were also assisted by Bharath Reddy, Partner; with support from Abhishek Gabriel, Senior Associate Designate; and Aarav Prasad, Associate; on ESOP-related matters. The Pre-IPO secondary sales amounting to INR 1,655 crores advising the State Bank of India were assisted by Soumya Srivastava, Partner; with support from Satvik Kulshrestha, Principal Associate; and Viraj Vaidya, Senior Associate.

Source: Original reporting via SCC Online Blog