India’s largest lender State Bank of India (SBI) is set for a return of nearly 3,82,567% on its original investment, while Amundi India Holding stands to book a 13,095% gain, as the two promoter shareholders prepare to pocket a combined ₹11,658 crore in profit through SBI Funds Management's (SBI Mutual Fund) initial public offering, which is the biggest Indian IPO of 2026 so far.SBI Funds Management Ltd, a subsidiary of State Bank of India, on Thursday announced a price band of Rs 545 to Rs 574 per share for its Rs 11,693 crore IPO. At the upper end of the band, SBI's stake, acquired at a weighted average cost of just 15 paise a share, will fetch gross proceeds of Rs 7,366.39 crore against a cost basis of roughly Rs 1.93 crore, translating into a profit of about Rs 7,364.47 crore.Amundi, which paid a weighted average cost of Rs 4.35 a share, will generate gross proceeds of Rs 4,326.52 crore against a cost basis of Rs 32.79 crore, for a profit of approximately Rs 4,293.73 crore.The much-awaited IPO is entirely an offer for sale (OFS) of more than 20 crore shares, with no fresh issue of equity, meaning SBI Funds Management itself will not receive any proceeds from the offering.SBI plans to sell as many as 128.3 million SBI Funds shares, or about 6.3% of the company, while Amundi will offload 75.4 million shares, or about 3.7%. Combined, the two promoter-sellers are divesting just under 10% of SBI Funds Management's paid-up equity share capital through the offer.At the top of the price band, SBI Funds Management is valued at nearly Rs 1.17 lakh crore in terms of market capitalisation. The IPO opens on July 14 and closes on July 16.Also Read | SBI Funds Management sets IPO price band at Rs 545–574 for Rs 11,693 crore public offerHow big is SBI MF?SBI Funds Management is India's largest asset management company by mutual fund quarterly average assets under management, holding a 15.3% market share as of March 31, 2026, with its mutual fund QAAUM (quarterly average assets under management) having grown at a CAGR of 16.97% between March 31, 2024 and March 31, 2026, according to the company's Red Herring Prospectus, citing a CRISIL report.The company's total mutual fund QAAUM stood at Rs 12,509.98 billion as of March 31, 2026, up from Rs 10,729.49 billion a year earlier, while its total QAAUM, including its portfolio management services, advisory and alternative investment fund businesses, stood at Rs 29,461.05 billion. The company also holds the lowest operating expense ratio among the top 10 AMCs in India, with operating expenses at 0.08% of QAAUM for Fiscal 2026, compared to a range of 0.10% to 0.25% for the rest of the top 10, the RHP states. SBI Mutual Fund's scale draws on the combined strength of its two promoters: State Bank of India, described in the RHP as India's largest commercial bank with total assets of Rs 83,215.7 billion and over 530 million customers as of March 31, 2026, and Amundi SA, Europe's largest asset manager, headquartered in Paris and listed on Euronext Paris.The offer carries reservations of up to 2,987,076 equity shares for eligible SBI Funds Management employees and up to 13,055,629 equity shares for eligible SBI shareholders, per the RHP. The issue is being managed by nine book-running lead managers—Kotak, Axis Capital, BofA, HSBC, I-Sec, Jefferies, JM Financial, Motilal Oswal and SBICAPS.