SBI Funds Management IPO Listing Tomorrow; Grey Market Premium At ₹103

Shares of SBI Funds Management are expected to make a strong stock market debut on Monday, July 21, with the grey market premium (GMP) indicating a potential listing gain of nearly 18% over the issue price.

According to market trackers Investorgain and IPO Watch, the IPO's grey market premium stood at ₹103 per share, suggesting a likely listing price of around ₹677 against the upper end of the issue price of ₹574, if current sentiment sustains.

The ₹9,812.91-crore initial public offering attracted overwhelming investor interest during the subscription period from July 14 to July 16, with the issue being subscribed 41.66 times overall.

The IPO received bids worth nearly ₹2.98 lakh crore, making it India's fifth-largest IPO by bid value. Demand was driven primarily by institutional investors, with the Qualified Institutional Buyers (QIBs) portion subscribed 140.11 times. The Non-Institutional Investors (NIIs) category was subscribed 22.51 times, while the Retail Individual Investors (RIIs) portion was subscribed 3.6 times.

IPO Details

SBI Funds Management raised ₹9,812.91 crore through an entirely Offer for Sale (OFS), under which existing shareholders sold 17.1 crore equity shares. As no fresh shares were issued, the company will not receive any proceeds from the public issue. The entire proceeds will accrue to the selling shareholders—State Bank of India (SBI) and Amundi India Holding.

The IPO was priced in the range of ₹545-574 per share. Retail investors were required to apply for a minimum of 26 shares, translating into an investment of ₹14,924 at the upper end of the price band.

For small NIIs, the minimum application size was 14 lots, requiring an investment of ₹2,08,936, while big NIIs had to bid for at least 68 lots, amounting to ₹10,14,832.

Allotment And Listing Timeline

The basis of allotment was finalised on July 17, while shares are scheduled to be credited to successful applicants' demat accounts on July 20. Refunds for unsuccessful applicants are also being processed on the same day.

Investors who have not yet checked their allotment status can do so through the KFin Technologies website, the registrar to the issue, or via the BSE and NSE IPO portals.

Kotak Mahindra Capital acted as the book-running lead manager for the issue, while KFin Technologies served as the registrar.

SBI Funds Management shares are scheduled to list on the BSE and NSE on Tuesday.