SBI Funds Management IPO was subscribed 41.66 times on the final day of bidding, led by strong demand from qualified institutional buyers (QIBs).
As against the IPO size of ₹9,813 crore, the offer received bids for ₹2.98 lakh crore.
The QIB portion was subscribed 140.11 times, while the non-institutional investors (NIIs) category saw subscription of 22.51 times. The retail investor segment was subscribed 3.60 times.
The employee portion was subscribed 4.65 times, while the shareholders portion was booked 9.52 times.
The allotment of shares will be finalised on July 17 and the listing is likely to happen on July 21.
Gaurav Garg, Lemonn Markets Desk, said the book received a balanced subscription response. Garg noted that the fund house manages money for 18 million retail investors in the country, and it’s coming at the cheapest multiple of the lot: 38 times FY26 earnings, against 41.5x for HDFC AMC and 50.9x for Nippon.
Although more than half of the ₹29.5 lakh crore it manages is EPFO money, it yields only 3.5 per cent of revenue. Rest is the ₹5.3 lakh crore active equity book. The IPO is fairly valued and is not cheap as misjudged by only looking at PE numbers, Garg added.
Ahead of the public issue, SBI Funds Management raised ₹2,663 crore from anchor investors.
The anchor book saw participation from global investors including GIC, Abu Dhabi Investment Authority, Capital World Investors, BlackRock, Fidelity Management & Research, Goldman Sachs Asset Management and Norges Bank.
Domestic participants included Life Insurance Corporation of India, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Nippon India Mutual Fund and HDFC Life Insurance.
The issue comprised a total issue size of ₹9,812.91 crore, entirely an Offer-for-Sale of 17.09 crore equity shares, and did not include any fresh issue component. The IPO was priced in the range of ₹545 to ₹574 per equity share.
State Bank of India will sell a 6.3 per cent stake through the issue, while Amundi will divest 3.7 per cent.
The issue size was initially proposed at ₹11,693 crore, but was subsequently reduced after the company completed a pre-IPO placement of around ₹1,880 crore.
Published on July 16, 2026
