SBI Funds Management has attracted bids worth 3 trillion Indian rupees ($31.14 billion) in its initial public offering, cementing its status as one of the most heavily subscribed listings in India's recent history.
The massive oversubscription reflects a sharp reversal in sentiment from the opening days of the book build, which began on July 14.
5 million committed by anchor investors, providing a solid foundation for the retail and institutional bidding that followed.
The subscription figures include $278.5 million committed by anchor investors, providing a solid foundation for the retail and institutional bidding that followed.
This level of interest underscores the market's confidence in the country's largest asset manager, which is listing via an offer for sale that will reduce the promoter stake to 88%.
The surge marks a dramatic turnaround from the first day of bidding, where momentum was initially sluggish.
By the end of the third day, the issue was already subscribed 2.77 times, indicating that demand accelerated significantly as the window approached closure.