The initial public offering (IPO) of SBI Funds Management continues its strong run on the final day of bidding. The Rs 9,813-crore public issue was subscribed 6.1 times as of 12:30 pm on July 16, according to data from the National Stock Exchange (NSE).
The Rs 9,813-crore public issue received bids for 67.05 crore shares against the 12.46 crore shares on offer, according to data from the National Stock Exchange (NSE). The Non-Institutional Investors (NIIs) segment led the demand, with subscriptions of 16.31 times. The Qualified Institutional Buyers (QIBs) portion was subscribed 4.43 times, while the Retail Individual Investors (RIIs) category was subscribed 2.56 times.
Market sentiment remains strong, as reflected in the grey market premium (GMP). According to market tracking platforms Investorgain and IPO Watch, the GMP for the SBI Funds Management IPO stands at Rs 92 per share as of July 16. This indicates a potential listing gain of about 16 percent over the upper end of the price band of Rs 574, suggesting a listing price of around Rs 662 per share.
The company has set the IPO price band at Rs 545–Rs 574 per equity share. The public issue is an entirely Offer for Sale (OFS) of 20.37 crore equity shares, meaning the company will not receive any proceeds from the offering. The entire amount will accrue to the selling shareholders—State Bank of India (SBI) and Amundi India Holding.
Brokerages have maintained a positive outlook on the IPO. Swastika Investmart has assigned a 'Subscribe' rating, citing the company's leadership in the asset management industry, strong profitability, and reasonable valuations.
Geojit Financial Services also recommends subscribing, noting that at the upper price band of Rs 574, SBI Funds Management is valued at a price-to-earnings (P/E) ratio of 38x, which is moderately lower than its peers.
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The basis of allotment is expected to be finalized on July 17, with shares tentatively scheduled to debut on the NSE and BSE on July 21.
About SBI Funds Management
Established in 1992, SBI Funds Management serves as the investment manager for SBI Mutual Fund, a joint venture between SBI and Amundi. As of 2025, the company managed approximately Rs 16.32 lakh crore in assets under management (AUM), commanding a 15.5 percent market share of India's mutual fund industry.