SBI Mutual Fund, the country’s largest asset management company, has received Sebi’s approval for its proposed initial public offering, clearing the way for a share sale estimated at around Rs 13,000 crore, PTI reported citing a person familiar with the development.The IPO, for which draft papers were filed in March, is entirely an offer for sale (OFS) of up to 20.37 crore equity shares and does not include any fresh issue component.The proposed offering will see existing shareholders State Bank of India (SBI) and Amundi India Holding dilute part of their stakes in the company.According to the person, the public issue is expected to hit the market next month.SBI Funds Management Ltd (SBIFML), the investment manager of SBI Mutual Fund, is a joint venture between SBI and Paris-headquartered Amundi. SBI holds a 61.98% stake in the company, while Amundi owns 36.40%.The listing will bring India’s largest mutual fund house to the stock market at a time when the asset management industry continues to benefit from rising retail participation, record SIP inflows and growing financialisation of household savings.As of December 2025, SBI Mutual Fund managed quarterly average assets under management (QAAUM) of nearly Rs 12.5 lakh crore, making it the country’s biggest fund house.Founded in 1987, SBI Mutual Fund was the first mutual fund established in India outside the erstwhile Unit Trust of India (UTI).Following the listing, SBI Funds Management will join a select group of listed asset management companies, including HDFC AMC, ICICI Prudential AMC, Nippon Life India Asset Management, UTI AMC, Aditya Birla Sun Life AMC and Shriram AMC.The issue is being managed by a consortium of investment banks comprising 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.