SBI Funds Management IPO opens to 0.68 times subscription on first day

The Rs 9,813 crore IPO of India's largest asset management company saw overall subscription of 0.68 times on the opening day after raising Rs 2,663 crore from anchor investors

The initial public offering (IPO) of SBI Funds Management, India’s largest asset management company (AMC), was subscribed 0.68 times on Tuesday, the first day of the issue. The institutional investor portion was subscribed 0.08 times, the non-institutional investor portion 1.4 times, the retail investor portion 0.62 times, the employee portion 1.02 times, and the portion reserved for shareholders 1.04 times.

 

The company raised Rs 2,663 crore through an anchor allotment on Monday. It informed the stock exchanges that it had allocated 4.63 crore shares to anchor investors at Rs 574 per share.

 

Prominent institutional investors included BlackRock, Goldman Sachs, HDFC Mutual Fund, ICICI Prudential, Life Insurance Corporation of India, Nomura India, and the Abu Dhabi Investment Authority.

 

 

SBI Funds Management has priced its IPO at Rs 545–574 per share. The Rs 9,813 crore IPO comprises entirely an offer for sale by its promoters, State Bank of India and Amundi India Holding. At the upper end of the price band, the company is valued at Rs 1.2 trillion.

 

SBI Funds Management had a quarterly average assets under management (QAAUM) of Rs 12.51 trillion and a market share of 15.3 per cent as of March 31, 2026. It is also India’s oldest AMC, having begun operations in 1987. The public issue will close on July 16.