SBI Funds Management's initial public offering (IPO) has been subscribed 2.77 times as of the third day of bidding, which opened on July 14 and is set to close on July 16. The IPO aims to raise ₹9,795 crore, with a price band fixed between ₹545 and ₹574 per equity share.
Key Details
The company attracted significant interest from institutional investors, raising ₹2,663 crore from anchor investors prior to the public issue. A total of 4,63,93,095 equity shares were allocated to 129 anchor investors at the upper end of the price band. Notable global investors included GIC, Abu Dhabi Investment Authority, and BlackRock, while domestic participation came from Life Insurance Corporation of India and HDFC Mutual Fund, among others.
Background
Under the IPO structure, 50% of the net offer is reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 35% for retail investors. Employees of the company are eligible for a discount of ₹54 per share. The allotment of shares is expected to be finalized on July 17, with refunds processed by July 20. Shares are anticipated to list on the Bombay Stock Exchange and National Stock Exchange on July 21. SBI Funds Management is India's largest asset management company, managing ₹12.51 lakh crore in mutual fund assets as of March 2026.
The strong subscription rate could positively influence the stock's performance upon listing, particularly in the asset management sector. Investors may closely monitor the final subscription figures and the listing price to gauge market sentiment. Watch for the final allotment results on July 17, which will provide insights into investor demand.