SBI Funds Management IPO fully subscribed on Day 2

SBI Funds Management’s Rs 9,812.91-crore IPO was fully subscribed on the second bidding day, led by strong demand from non-institutional investors. The issue, valued at around Rs 1.2 lakh crore, closes on July 16 and is entirely an offer for sale.

New Delhi: The initial public offer of SBI Funds Management Ltd got fully subscribed on the second day of bidding on Wednesday.

The Rs 9,812.91-crore IPO received bids for 14,51,33,924 shares against 12,45,63,536 shares on offer, registering 1.17 times subscription, as per NSE data till 11:21 hours.

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The category for non institutional investors attracted 2.65 times subscription. The quota for retail investors received 97 per cent subscription and the portion meant for Qualified Institutional Buyers (QIBs) got subscribed 8 per cent.

SBI Funds Management earlier raised Rs 2,663 crore from anchor investors.

The anchor book saw participation from global investors such as GIC, Abu Dhabi Investment Authority, Capital World Investors, BlackRock, Fidelity Management & Research, Goldman Sachs Asset Management and Norges Bank, alongside leading domestic institutions like Life Insurance Corporation of India (LIC), HDFC Mutual Fund (MF), ICICI Prudential MF, Nippon India MF and HDFC Life Insurance.

The IPO will close on July 16. The price band has been fixed at Rs 545-574 per equity share.

The public issue is entirely an offer for sale (OFS) of up to 17.09 crore equity shares by existing shareholders State Bank of India (SBI) and Amundi.

SBI will sell a 6.3 per cent stake, while Amundi will divest 3.7 per cent.

Post listing, SBI’s holding will decline to 55.46 per cent from 61.76 per cent, while Amundi’s stake will reduce to 32.56 per cent.

The issue size was earlier proposed at Rs 11,693 crore but was subsequently reduced after the company completed a pre-IPO placement of about Rs 1,880 crore.

At the upper end of the price band, SBI Funds Management is valued at around Rs 1.2 lakh crore.

Set up in 1987, SBI Funds Management is India’s largest asset management company by quarterly average assets under management (QAAUM), with Rs 12.51 lakh crore in mutual funds and a 15.3 per cent market share as of March 31, 2026.