SBI Funds Management IPO: Issue gets subscribed 1.2 times on Day 2 so far; GMP signals 16% listing gains

The Rs 9,813 crore SBI Funds Management IPO witnessed robust demand on the second day of bidding on Wednesday, sailing through with 1.2 times total subscription led by non-institutional investors (NIIs), whose quota was booked over 2 times.

The Grey Market Premium (GMP) hovered around 15–16%, suggesting a potential listing price of nearly Rs 662 per share, if current trends hold.

The public issue will remain open for subscription until July 16. SBI Funds Management has set the price band at Rs 545–Rs 574 per share, with investors allowed to bid for a minimum lot size of 26 shares and in multiples thereafter. At the upper price band, a retail investor would need to invest Rs 14,924 for one lot.


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The IPO is structured entirely as an Offer for Sale (OFS), involving 17.10 crore shares. Existing shareholders, State Bank of India and Amundi are selling part of their holdings, while the company itself will not receive any fresh funds from the issue. The proceeds will go entirely to the selling shareholders.

According to Anand Rathi, the IPO is valued at around Rs 9,813 crore at the upper price band, placing it among the biggest public issues of the year. Since there is no fresh issue component, the listing will not bring additional capital into SBI Funds Management.

Following the IPO, the promoter and promoter group’s stake is expected to reduce to 89.8% from 98.2%. Meanwhile, public shareholding will increase to 10.2%, potentially improving stock liquidity and expanding the free float.

The basis of allotment is expected to be finalised on July 17, 2026, with shares likely to list on both the BSE and NSE soon after.

With strong subscription numbers, a positive grey market trend, and one of the largest IPO valuations of the year, investors will be watching closely to assess whether SBI Funds Management can deliver sustained value beyond the initial listing pop.

SBI Funds Management IPO Subscription Status

On Day 2 of bidding, as of 11:30 AM, the SBI Funds Management IPO was subscribed 1.18 times, with investors placing bids for shares against the total issue size of 12.45 crore shares.

Retail Individual Investors (RIIs): The retail category witnessed strong participation and was subscribed 99%. Investors bid for 5.41 crore shares out of the 5.42 crore shares reserved for this segment.

Non-Institutional Investors (NIIs): The NII segment saw robust demand, with the portion subscribed 2.70 times. Bids were received for the 2.31 crore shares available under this category.

Qualified Institutional Buyers (QIBs): Institutional investor participation remained muted, with the QIB portion subscribed 8%, receiving bids against the 2.31 crore shares reserved for qualified buyers.

SBI Funds Management IPO GMP
The Grey Market Premium (GMP) for the SBI Funds Management IPO is currently hovering around Rs 93 per share, or nearly 16% above the upper price band of Rs 574. If this trend continues, the stock could debut at around Rs 668, pointing to a healthy listing gain for investors.

While the GMP is an unofficial indicator and can change significantly before listing, the current premium reflects strong market optimism towards the IPO of the country's largest mutual fund asset manager.