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SBI Mutual Fund Unlisted Shares

SBI MF Overview and Key Details Business Overview: SBI Funds Management Ltd (SBI MF), jointly sponsored by State Bank of India (63%) and Amundi Asset Management (France) (37%), is a major Indian asset management company (AMC) operating under the SBI Mutual Fund brand. It offers equity and debt mutual funds, hybrid and ETF products, Portfolio Management Services (PMS), Alternative Investment Funds (AIFs), and retirement/tax-saving funds (ELSS). Founded in 1987, it boasts a strong retail presence across India via SBI's network of over 22,000 branches, digital channels, and independent financial advisors. Investment Rationale: SBI MF is a market leader, consistently ranking among the top 3 AMCs in India by AUM, with strong SIP and retail inflows. It benefits from strong parentage, being backed by SBI, India's largest bank, and Amundi, Europe's largest asset manager. The company is widening its product suite, increasing its presence in passive investing (ETFs), international funds, and AIFs. It has a retail focus, with over 90 lakh SIP accounts, demonstrating deep market penetration. The company shows consistent profitability, being a margin-accretive business with high ROEs and low capital intensity. Key Risks: Regulatory headwinds, specifically changes in TER (Total Expense Ratio) limits and SEBI norms, can impact margins. The company has a market dependency, heavily relying on market performance for equity fund growth. There is intense competition from HDFC MF, ICICI Prudential, Axis MF, Nippon India MF, and new digital players. Revenue volatility is linked to AUM; therefore, any market correction can affect the topline. IPO Timeline & Exit Options: Private Secondary Sales opportunities are limited via unlisted platforms. Parent stake monetization is a possibility, where SBI or Amundi may explore stake divestment ahead of an IPO. A Future IPO is expected in a few years, subject to market conditions. UnlistedZone View: SBI MF is considered a strong player in the AMC sector due to its retail franchise, long-standing performance, and institutional backing, offering a combination of scale, stability, and profitability. An upcoming IPO could unlock significant value. UnlistedZone gives SBI MF a "Strong Accumulate" rating. The Target Valuation Post-IPO is estimated at ₹80,000 - ₹1,00,000 Cr market cap (based on peer multiple benchmarking). Financial Snapshot: As of April 25, 2025, the last deal price was ₹2575/share, implying a market cap of ₹1.30 Lakh Cr. The P/E ratio (FY24) is 62.9x, and the P/B ratio is 19.32x, with a book value of 133.28. Revenue has grown steadily from ₹1437 Cr in FY21 to ₹3273 Cr in FY24 (estimates). EBITDA increased from ₹981 Cr in FY21 to ₹2566 Cr in FY24. PAT has risen from ₹862 Cr in FY21 to ₹2073 Cr in FY24. EPS has increased from ₹17.24 in FY21 to ₹40.98 in FY24. The State Bank of India holds 62.21% of the shares, Amundi India Holding holds 36.54%, and other shareholders hold 1.25%. Disclosures & Data Sources: Information for the analysis was sourced from the DRHP filed with SEBI, SBI filings, AMFI data, media reports, and UnlistedZone internal analysis.

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