Just 2% return! Will SBI Funds Management break the curse of India's poor billion-dollar IPO record?

SBI Funds Management's IPO is valued at about Rs 1.17 lakh crore at the upper price band of Rs 574 per share, with the entire issue structured as an offer for sale by State Bank of India and Amundi. The company, India's largest AMC with Rs 12.5 lakh crore in AUM and 15.3% market share, posted FY26 revenue of Rs 4,389 crore (up 22%) and profit of Rs 3,067 crore, with EBITDA margin of 79% and ROE of about 51%. Analysts valued the IPO at 38.1 times FY26 earnings and flagged it as fully priced, noting that 5 of 13 recent billion-dollar IPOs trade below issue price with a median return of just over 2%.