SBI Funds Management's initial public offering (IPO) of ₹9,795 crore opened on July 14 and was fully subscribed by the second day, July 15, according to thehindubusinessline.com. The IPO price band was set between ₹545 and ₹574 per equity share, with a minimum application size of 26 shares. The issue attracted strong interest from retail investors and non-institutional investors (NIIs).
The IPO was primarily targeted at institutional investors but saw robust participation from retail and NII segments, which contributed to the full subscription within two days, as reported by thehindubusinessline.com. The public subscription window remains open until July 16. The shares are expected to be listed on the stock exchanges on July 21. The strong demand reflects confidence in SBI Funds Management's market position and growth prospects.
This IPO is one of the largest in the asset management sector in recent years, underscoring investor appetite for financial services firms in India. The ₹9,795 crore size places it among significant fundraises in the market, comparable to other large asset management IPOs. The strong subscription signals positive market sentiment towards asset management companies amid growing mutual fund penetration in India, according to livemint.com.
The final subscription numbers and allotment details will be announced after the closure of the IPO on July 16. The listing on July 21 will be closely watched by investors to gauge market response to this major public offering in the financial services sector.