SBI Funds Management IPO Day 2: Issue booked 68% so far. Check GMP, key dates, issue details. Apply or avoid?

SBI Funds Management's ₹9,795-crore IPO opened for public subscription on 14 July and will remain open until 16 July. The IPO is priced between ₹545 and ₹574 per equity share, with investors required to apply for a minimum of 26 shares and in multiples thereof.

Ahead of the issue opening, SBI Funds Management IPO garnered ₹2,663 crore from anchor investors, witnessing robust participation from leading global and domestic institutional investors.

The company allotted 4,63,93,095 equity shares to 129 anchor investors at ₹574 per share, the upper end of the price band, according to a stock exchange filing.

The anchor investor list featured prominent global names, including GIC, Abu Dhabi Investment Authority (ADIA), Capital World Investors, BlackRock, Fidelity Management & Research, Goldman Sachs Asset Management, and Norges Bank. Domestic institutional investors such as Life Insurance Corporation of India (LIC), HDFC Mutual Fund, ICICI Prudential Mutual Fund, Nippon India Mutual Fund, and HDFC Life Insurance also participated in the anchor book.

Under the issue structure, SBI Funds Management IPO has reserved up to 50% of the net offer for qualified institutional buyers (QIBs), at least 15% for non-institutional investors (NIIs), and at least 35% for retail investors. Eligible employees are being offered a ₹54 discount per equity share.

According to the tentative schedule, the SBI Funds Management IPO allotment is expected to be finalised on 17 July. Refunds are likely to be initiated on 20 July, with shares credited to successful applicants' demat accounts on the same day. The SBI Funds Management share price is expected to debut on the BSE and NSE on 21 July.

Founded in 1987, SBI Funds Management is India's largest asset management company (AMC) by quarterly average assets under management (QAAUM). As of 31 March 2026, it managed mutual fund QAAUM of ₹12.51 lakh crore, accounting for a 15.3% market share.

Including its portfolio management services (PMS) and alternative investment fund (AIF) mandates, the company's total QAAUM stood at ₹29.46 lakh crore at the end of FY26.

SBI Funds Management IPO GMP today is +88. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of the SBI Funds Management share was ₹662 apiece, which is 15.33% higher than the IPO price of ₹574.

According to grey market trends observed over the past 10 sessions, the present GMP of ₹88 signifies a pessimistic trend. Throughout this timeframe, the GMP fluctuated between ₹75 and ₹140, according to expert analysis.

SBI Funds IPO subscription status was 68% on day 1, so far. The retail portion is subscribed 62%, and NII portion has been booked 1.39x, QIBs portion received 8% bids. The employee portion was subscribed 1.02x, and the shareholder portion was booked 1.04x.

The company has received bids for 8,50,65,656 shares against 12,45,63,536 shares on offer at 17:00 IST, according to BSE data.

Swastika Investmart has assigned a "Subscribe for Long Term" rating to the SBI Funds Management IPO. The brokerage cited the company's leadership as India's largest asset management company with ₹12.5 lakh crore in QAAUM, a strong SIP franchise and the extensive SBI-Amundi distribution network. It noted that the IPO is priced at 38.1x FY26 EPS, below the industry average of 41.6x, making valuations reasonable.

Swastika also highlighted the company's robust profitability, with a 43.02% return on net worth (RoNW) and an 81.56% EBITDA margin, while cautioning that the issue is a 100% offer for sale (OFS) with no fresh capital infusion, making future earnings dependent on AUM growth and market performance.

Nirmal Bang Securities has recommended "Subscribe" from a medium- to long-term perspective. The brokerage believes SBI Mutual Fund is attractively valued relative to listed peers, backed by its ₹12.5 lakh crore QAAUM, 15.3% market share, diversified product portfolio and stron...