Investor bidding picked up rapid speed on Thursday morning as the ₹9,812.91 crore initial public offering of SBI Funds Management Limited entered its final hours. This is one of India’s biggest public issues of 2026.
The IPO is backed by State Bank of India (SBI) and France’s Amundi Asset Management and the window for public bidding closes at 5:00 PM IST today.
The IPO ended its second day on Wednesday with 2.77 times subscription. By Thursday afternoon, cumulative data from the NSE and BSE showed total bids crossed 4.31 times the total shares on offer.
Here is the breakdown by afternoon trade:
On Monday, the company locked in ₹2,663 crore from major anchor investors. These included top global wealth funds from Singapore and Abu Dhabi, alongside India’s LIC.
The IPO is entirely an Offer for Sale (OFS) of up to 17.10 crore shares. The price band is set between ₹545 and ₹574 per share. State Bank of India is selling a 6.3% stake, while Amundi is selling 3.7%. Because it is a pure share sale, all proceeds go to the parent companies; SBI Funds Management itself will not receive any cash from this issue.
At the top price of ₹574, the company is valued at ₹1.17 lakh crore. It is a highly profitable business, reporting a net profit of ₹3,067.38 crore for the financial year ending March 31, 2026.
The unlisted grey market shows strong positive sentiment. The Grey Market Premium (GMP) is holding steady between ₹88 and ₹92 per share. If this trend continues, the stock could debut on the exchanges around ₹666, offering a quick 15% to 16% profit.
Major domestic brokerages have given the IPO a “Subscribe” tag. While the price is premium, the company’s massive market share of 15.3% justifies the cost.
The subscription window closes tonight. Share allotment will be finalized by Friday, July 17. Unsuccessful bidders will get their money unblocked on July 20, and the stock will officially start trading on the BSE and NSE on Tuesday, July 21, 2026.