Dubai, 22 July 2026 – Global law firm Hogan Lovells Cadwalader acted as US and international counsel to the underwriters, Axis Capital, BofA Securities, HSBC Securities, ICICI Securities, Jefferies, JM Financial, Kotak Mahindra Capital, Motilal Oswal Investment and SBI Capital Markets, on the approximately US$1.2 billion IPO (INR 9,812.91 crores offer for sale and INR1,880 crore pre-IPO sale) of SBI Funds Management. SBI Funds is the largest asset management company in India, with quarterly average mutual fund assets under management of approximately US$129.60 billion (INR 12,509.98 billion), as of March 31, 2026.
SBI Funds is a joint venture between State Bank of India (India’s largest commercial bank) and Amundi (Amundi SA is Europe’s largest asset manager headquartered in Paris and listed on Euronext Paris).
The IPO drew substantial investor interest, attracting overall bids worth US$31.14 billion (approximately INR 3 trillion), making it the country’s fourth most-bid IPO and the largest Indian IPO in 2026.
The Hogan Lovells Cadwalader Capital Markets team was led by Biswajit Chatterjee, Head of the India Practice and Dubai Office Managing Partner, with support from counsels Varun Jetly and Kaustubh George, and senior associate Aditya Rajput. US-based partners, Nancy O’Neil and Parikshit Dasgupta advised on US Tax and US Investment Funds issues respectively.
About Hogan Lovells Cadwalader India practice
Hogan Lovells Cadwalader has built a market-leading India practice, drawing on the team’s extensive experience, deep local relationships and in-depth market knowledge. Our dedicated India team, spanning our global network, supports Indian and foreign clients in exploring investment opportunities, raising capital, business restructuring, international trade, developing and financing infrastructure projects, cross-border investigations and compliance, and resolving disputes in and outside of India. As trusted legal advisors, we are recognized for an innovative approach to thought leadership, delivering timely and comprehensive insights on legal developments that shape our clients’ strategies and long-term business goals, as well as, for our incisive advice and actionable outcomes.
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