SBI Funds Management’s initial public offering has gained significant momentum, with the issue subscribed 2.77 times as of the end of the third day of bidding.
The surge marks a dramatic turnaround from the first day of the offer, when subscription stood at just 0.71 times, signaling early investor hesitation toward the ₹9,795-crore listing.
The renewed interest was bolstered by strong anchor investor participation, which raised ₹2,663 crore before the public subscription window opened.
The IPO, priced in the band of ₹545 to ₹574 per share, is set to close on July 16.
The offer for sale aims to reduce the promoter’s stake in the asset management arm of State Bank of India, one of the country’s largest financial institutions.
The shift in sentiment suggests that institutional buyers have found the valuation compelling after initial caution.