SBI Funds Management has opened its initial public offering to investors, launching a ₹9,795-crore book build that will remain open until July 16.
The asset management arm of State Bank of India has set the price band at ₹545-574 per equity share, with bids required in multiples of 26 shares.
The issue structure reserves 50% of the offering for Qualified Institutional Buyers (QIBs), while the remainder is allocated to non-institutional and retail investors.
The issue structure reserves 50% of the offering for Qualified Institutional Buyers (QIBs), while the remainder is allocated to non-institutional and retail investors.
Anchor investors have committed ₹2,663 crore to the offering, providing a foundational layer of institutional support.
However, early subscription figures indicate tepid demand, with the issue recording a 0.71 times subscription on the first day.
This initial response contrasts with the grey market premium (GMP), which hints at a potential 17% listing pop, suggesting a divergence between speculative sentiment and actual order book depth.