The initial public offering (IPO) of SBI Funds Management was subscribed 68% on the first day of bidding, with investors placing bids for 85.07 million shares against the 124.56 million shares on offer, NSE data showed.
The retail individual investor (RII) portion was subscribed 62%, with bids for 33.59 million shares against the 54.13 million shares reserved. The non-institutional investor (NII) category was subscribed 1.39 times, with bids received for 32.29 million shares against the 23.20 million shares on offer. The employee quota was fully subscribed at 1.02 times.
Within the NII segment, the Rs 2 lakh-10 lakh category saw the highest demand, with subscriptions of 1.45 times. Investors bid for 11.21 million shares against 7.73 million shares reserved. The above-Rs 10 lakh category was subscribed 1.36 times, attracting bids for 21.07 million shares against 15.46 million shares on offer.
The qualified institutional buyers (QIB) portion was subscribed 8%, with bids for 2.32 million shares against the 30.93 million shares reserved.
Ahead of the IPO opening, SBI Funds had raised Rs 2,663 crore from anchor investors by allotting around 46.39 million equity shares to 129 investors at Rs 574 apiece. More than half of the anchor book was allocated to domestic mutual funds, life insurers and pension funds.
Among overseas investors, allocations were made to Capital World Investors, Goldman Sachs, Fidelity Investment Trust, BlackRock, offshore entities of Morgan Stanley and Citigroup, as well as sovereign and global institutions including Norges Bank, Government of Singapore Investment Corporation (GIC) and Abu Dhabi Investment Authority (ADIA).
On the domestic side, 70 equity, hybrid and specialised investment fund (SIF) schemes across 23 fund houses received about 17.26 million shares worth Rs 991 crore, accounting for 37.2% of the anchor allocation. These included schemes of HDFC Mutual Fund, ICICI Prudential Mutual Fund, Nippon India Mutual Fund Kotak Mahindra Mutual Fund, Aditya Birla Sun Life Mutual Fund and others.
Twenty domestic life insurance and pension fund investors were allotted shares worth Rs 366 crore, representing 13.75% of the total anchor allocation. These included LIC, HDFC Life Insurance, ICICI Prudential Life Insurance, Bajaj Allianz Life Insurance and others. National Pension System (NPS) schemes managed by LIC Pension Fund, Axis Pension Fund, HDFC Pension Fund and UTI Pension Fund were also allotted shares.
HDFC Mutual Fund and ICICI Prudential Mutual Fund received the largest allocations among domestic investors, with shares worth about Rs 200 crore each. Among global investors, Capital World Investors, GIC and LIC were allotted shares worth about Rs 180 crore each.
SBI Funds had earlier completed a pre-IPO placement of about Rs 1,880 crore, reducing the issue size from Rs 11,963 crore to Rs 9,813 crore. The IPO closes on July 16, and the shares are scheduled to list on July 21.