SBI Funds Management, the asset management arm of State Bank of India, is facing tepid investor interest on the first day of its initial public offering.
The ₹9,795-crore offer was subscribed 0.55 times as of 3 pm on Tuesday, July 14, according to Hindu Businessline.
This figure represents a decline from earlier in the day, when subscription levels were reported at 0.
This figure represents a decline from earlier in the day, when subscription levels were reported at 0.71 times, signaling a softening of demand as the book-building process progressed.
The subscription data reveals a sharp divergence between investor categories.
The non-institutional investors (NII) segment was the only portion to see over-subscription, reaching 1.05 times.
In contrast, the retail investor category remained significantly under-subscribed at just 0.53 times.