SBI Funds IPO to list July 21 after ₹9,813cr demand
SBI Funds Management, India's biggest mutual fund company, is hitting the stock market on July 21 after a blockbuster IPO that was subscribed for ₹9,813 crore (all proceeds go to selling shareholders).
Shares were priced between ₹545 and ₹574, and early buzz suggests they could list at about ₹678 thanks to strong demand.
SBI Funds IPO oversubscribed over 41x
The IPO was oversubscribed by over 41 times: big players like institutional buyers went all in (140 times), while non-institutional and retail investors followed with solid numbers.
Once listed, public shareholding will jump from just 1.8% to 10.2%.
SBI Funds holds 15.3% share, ₹12.5L/cr
Backed by State Bank of India and Amundi, SBI Funds Management holds a leading 15.3% share in India's mutual fund space with assets worth ₹12.5 lakh crore (pretty impressive for a company that's been pioneering).