SBI Funds Management IPO allotment is scheduled for today after the issue was subscribed 41.66 times.
QIBs led demand with 140.11-times subscription, while GMP indicates a 16% listing premium.
Successful applicants are expected to receive shares before the July 21 stock market debut.
SBI Funds Management IPO Allotment Date: Check Status, GMP And Listing Timeline
The ₹9,813-crore IPO was subscribed 41.66 times, with QIBs leading the demand, while the grey market premium indicates a potential listing gain of around 16%
SBI Funds Management IPO Allotment Date: Check Status, GMP And Listing Timeline
Summary
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The basis of allotment for the ₹9,813-crore SBI Funds Management IPO is scheduled to be finalised on Friday, after the public issue attracted robust investor interest and was subscribed 41.66 times during the three-day bidding period.
The IPO, which was open for subscription from July 14 to July 16, received bids for 518.91 crore shares against 12.46 crore shares on offer, according to data from the National Stock Exchange (NSE). The issue garnered bids worth nearly ₹2.98 lakh crore, making it India's fifth-largest IPO by bid value.
Demand was driven primarily by institutional investors. The Qualified Institutional Buyers (QIBs) portion was subscribed 140.11 times, while the Non-Institutional Investors (NIIs) category was subscribed 22.51 times. The Retail Individual Investors (RIIs) segment was subscribed 3.6 times.
GMP Signals Decent Listing Premium
Grey market sentiment remained firm ahead of the allotment. According to market trackers Investorgain and IPO Watch, the grey market premium (GMP) stood at ₹92 per share. Based on the upper end of the price band of ₹574, the GMP indicates a potential listing price of around ₹662, implying an expected listing gain of nearly 16%, subject to market conditions.
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The IPO was priced in the range of ₹545-574 per share and comprised an entirely Offer for Sale (OFS) of 20.37 crore equity shares. As the issue is an OFS, SBI Funds Management will not receive any proceeds from the offering, with the entire amount going to the selling shareholders—State Bank of India (SBI) and Amundi India Holding.
How To Check Allotment Status
Investors can check the IPO allotment status through the KFin Technologies website, the registrar to the issue, by entering details such as their PAN, application number or DP/Client ID.
Alternatively, investors can also verify their allotment status on the BSE's IPO allotment portal using their application details.
Following the finalisation of the basis of allotment on July 17, shares are expected to be credited to successful applicants' demat accounts by July 20, while refunds for unsuccessful bidders will be processed on the same day.
The shares of SBI Funds Management are scheduled to debut on the BSE and NSE on July 21.
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