SBI Funds Management shares opened at ₹613.30 on the National Stock Exchange of India and ₹610 on the Bombay Stock Exchange on Tuesday, marking a 6.85% premium over the ₹574 IPO issue price.
The listing price reflects a positive reception from investors for the asset management arm of State Bank of India, despite a tepid start to the offering process.
The premium indicates that market participants are willing to pay above the issue price for exposure to the country's largest asset manager by assets under management.
The stock's debut follows an initial public offering that saw a dramatic shift in investor sentiment.
The offer for sale, valued at ₹11,693 crore, was initially subscribed only 0.71 times on the first day of bidding, raising concerns about demand.
However, the issue gained significant momentum in subsequent days, closing with a 2.77 times subscription by the end of the third day.