KUBERGROW TEAM SBI Mutual Fund IPO: Unlisted Market Isn’t Dead, It Just Delivered a Massive 3x Proof
The SBI Mutual Fund IPO has become one of the biggest signals that the unlisted market is alive, maturing, and rewarding patient investors. When the State Bank of India’s board approved the IPO of SBI Funds Management Ltd, it wasn’t just another corporate formality — it was a massive validation for those who believed in the company early. SBI will offload around 6.3% stake, valuing its asset management arm in the ₹1 lakh–₹1.2 lakh crore range. And that valuation is not theory – the unlisted market has been pricing it aggressively well before the IPO announcement.
Just look at the price journey. In 2023, SBI Mutual Fund shares were trading in the ₹800–₹900 range in the unlisted market. Today, they hover around ₹2,650. That’s a 190–230% gain before the company even hits the exchanges. To put it simply:
A ₹10 lakh investment became ₹33 lakh — with zero listing hype.
This is exactly why the SBI Mutual Fund IPO is being seen as a turning point for investor sentiment.
SBI Mutual Fund IPO: Growth Backed by Real Business Strength
Unlike speculative startups, SBI Mutual Fund is the largest asset manager in India. Its growth is backed by real customer money and real system-wide trust. The company’s AUM (Assets Under Management) grew from ₹8 lakh crore in mid-2023 to ₹12 lakh crore by June 2025, which works out to ~22% CAGR — at massive scale.
The financials tell their own story:
| Metric | FY25 Value |
|---|---|
| Revenue | ₹4,063 crore |
| PAT | ₹2,540 crore |
| ROE | ~30.8% |
| Implied P/E | ~52x |
| Market Cap / AUM | ~11% |
This places SBI Mutual Fund right between Nippon AMC and HDFC AMC in valuation terms, but with much larger market share and momentum.
This is why investors paid a premium — not for hype, but for growth with stability.
SBI Mutual Fund IPO Fits a Pattern: NSE & Waaree Did the Same
This isn’t a one-off success story.
NSE traded around ₹1,000 in 2018–19. Today it trades near ₹10,000 (pre-bonus), without a listing.
Waaree Energies moved from ₹700 to ₹2,500 between 2022 and 2024 due to solar demand expansion.
Different sectors, same logic:
Buy strong businesses early. Let time work for you.
So Why Do Some Investors Still Call the Unlisted Market “Dead”?
Because they chased:
Overhyped startups
No profitability
No path to cash flow
Just “next unicorn” marketing
The unlisted market was never meant to be a quick flip game.
It has always been about compounding.
And compounding demands years, not weeks.
The Bottom Line
The SBI Mutual Fund IPO proves that:
Fundamentals matter.
Valuations matter.
Time matters.
Patience pays.
The unlisted market didn’t collapse.
It simply matured.
And anyone who bought SBI Mutual Fund at ₹800 now understands the real meaning of long-term conviction.
At KuberGrow, we bring real, verified pre-IPO insights — so you don’t just invest, you invest smart.
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Disclaimer: This article is for informational purposes only and does not constitute
investment advice. Investors should conduct their own due diligence and consult
financial advisors before making any decisions.
