SBI Funds Management's Rs 9,813-crore initial public offering (IPO) has emerged as India's fifth-largest IPO by total bid value, attracting bids worth nearly Rs 2.98 lakh crore after being subscribed 41.66 times on the final day of bidding. The issue now ranks behind Reliance Power, LG Electronics India, Bajaj Housing Finance and ICICI Prudential AMC.
The institutional portion of the issue was subscribed nearly 140 times, drawing bids worth around Rs 2.5 lakh crore, making it the fifth-most subscribed IPO by qualified institutional buyers (QIBs).
Reliance Power continues to hold the record for the highest bid value for an Indian IPO, having attracted around Rs 7.12 lakh crore in bids in 2008. It is followed by LG Electronics India (Rs 4.42 lakh crore), Bajaj Housing Finance (Rs 3.26 lakh crore) and ICICI Prudential AMC (Rs 2.99 lakh crore).
Investor sentiment remained strong ahead of listing. According to IPO tracking platforms Investorgain and IPO Watch, the issue was commanding a grey market premium (GMP) of Rs 92 per share on July 16, implying an upside of about 16 percent over the upper price band of Rs 574.
At the upper end of the price band, SBI Funds Management is expected to debut with a market capitalisation of around Rs 1.17 lakh crore.
Kotak Mahindra Capital Company, Axis Capital, BofA Securities India, HSBC Securities and Capital Markets (India), ICICI Securities, Jefferies India, JM Financial, Motilal Oswal Investment Advisors and SBI Capital Markets are the book-running lead managers.
SBI Funds Management is India's oldest asset management company and serves as the investment manager to SBI Mutual Fund, which commenced operations in June 1987 as the first mutual fund outside the Unit Trust of India. The company is also India's largest passive asset manager, spanning exchange-traded funds (ETFs) and index funds, with passive quarterly average assets under management (QAAUM) of Rs 3,99,953 crore and a market share of 29.6 percent as of December 31, 2025, according to its draft papers.