Linklaters has advised SBI Funds Management Limited, India’s largest asset manager by quarterly average mutual fund assets under management, as international legal counsel on its successful listing on the BSE and NSE, raising approximately US$1.03bn. The transaction is India’s largest initial public offering (IPO) so far in 2026.
SBI Funds Management is a joint venture between State Bank of India, India’s largest lender, and Amundi, Europe’s largest asset managers.
The offering saw strong investor demand, attracting bids of approximately US$31bn, reflecting the continued depth of India’s equity capital markets and domestic and international investor interest in high-quality Indian financial services platforms.
The Linklaters team was led by partner and Head of India Practice Amit Singh, with support from counsel Joseph Wolpin and managing associate Utkarsh Mishra.
Amit Singh, partner at Linklaters, commented:
“We are delighted to have supported SBI Funds Management on this landmark IPO, which reflects the strength and depth of India’s capital markets and the continued international investor interest in leading Indian financial institutions. The transaction required seamless cross-border execution and demonstrates Linklaters’ ability to support clients on complex, high-profile equity capital markets transactions across jurisdictions.”
With more than 50 years of experience in Asia, Linklaters has an established track record as the leading Indian capital markets practice. The transaction builds on Linklaters’ recent experience advising on Indian asset management company listings, including its role as sole international counsel on the IPO of Canara Robeco Asset Management Company Limited. The team has advised on numerous high-profile equity offerings across diverse sectors, such as the recent IPOs of Citius TransNet Investment Trust, Powerica Limited, SEDEMAC Mechatronics and Shadowfax Technologies.
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