State Bank of India will explore an initial public offering for its mutual fund joint venture, extending a record year for listings in the market.

The country’s largest lender plans to sell a 6 per cent stake in SBI Funds Management Pvt., it said in a statement Wednesday. State Bank owns 63 per cent of the fund manager and Amundi Asset Management holds the rest.

The IPO could seek to raise about $1 billion, Bloomberg News had reported in February.

SBI’s mutual fund has more than 6 trillion rupees ($79 billion) of assets under management, according to SBI’s website, controlling nearly 16 per cent of market share. The firm earned a profit of 5.03 billion rupees ($66.3 million), the highest among SBI’s unlisted subsidiaries.