SBI Funds Management's initial public offering reached full subscription on the second day of bidding, driven by robust interest from retail investors and non-institutional investors.
The ₹1.03 billion issue, which aims to reduce the promoter's stake in the asset management arm of State Bank of India, is scheduled to close on July 16 and list on July 21.
The rapid uptake marks a significant acceleration from the first day, when the offer recorded a 0.71 times subscription.
The surge in demand reflects growing investor confidence in India's asset management sector, which has seen consistent inflows and expansion in assets under management over recent quarters.
Brokerages have previously recommended participation in the offering, citing the firm's dominant market position and strong profitability metrics.
Analysts point to the backing of State Bank of India as a key differentiator, providing a stable distribution network and brand trust that smaller competitors lack.