SBI Funds Management IPO Day 3: Issue subscribed 2.77x so far. Check GMP, issue details, key dates. Apply or skip?

SBI Funds Management's R9,795-crore IPO opened for subscription on 14 July and closes on 16 July. The SBI Funds Management IPO has fixed a price band of ₹545-574 per equity share, with investors required to bid in multiples of 26 shares.

Ahead of the public issue, the SBI Funds Management IPO raised ₹2,663 crore from anchor investors, attracting strong participation from a diverse mix of leading global and domestic institutional investors.

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

The anchor book included marquee global investors such as GIC, Abu Dhabi Investment Authority (ADIA), Capital World Investors, BlackRock, Fidelity Management & Research, Goldman Sachs Asset Management, and Norges Bank. Among domestic investors, Life Insurance Corporation of India (LIC), HDFC Mutual Fund, ICICI Prudential Mutual Fund, Nippon India Mutual Fund, and HDFC Life Insurance participated in the allocation.

Under the issue structure, the 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 will receive a discount of ₹54 per equity share.

As per the tentative timeline, the SBI Funds Management IPO allotment is likely to be finalised on 17 July. Refunds are expected to be processed on 20 July, while successful applicants are likely to receive shares in their demat accounts on the same day. The SBI Funds Management share price is scheduled to list on the BSE and NSE on 21 July.

Established 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, representing a 15.3% share of the mutual fund industry's assets.

Including assets managed under 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 IPO GMP today is +92. 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 ₹666 apiece, which is 16.03% higher than the IPO price of ₹574.

According to grey market trends observed over the past 11 sessions, the current GMP of ₹92 suggests a negative outlook. During this timeframe, the GMP fluctuated between ₹75.00 and ₹140, as noted by experts.

SBI Funds IPO subscription status was 2.77x on day 2. The retail portion is subscribed 1.61x, and NII portion has been booked 6.58x, QIBs portion received 1.50x bids. The employee portion was subscribed 2.27x, and the shareholder portion was booked 3.98x.

SBI Funds Management IPO subscription status was 68% on day 1. 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.

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 attrac...