SBI Funds Management IPO subscribed 2.32 times so far on Day 2: A look at financials

The initial public offering of SBI Funds Management Ltd, which manages SBI Mutual Fund, has been subscribed 2.32 times so far on the second day of bidding on Wednesday, July 15.

The IPO got bids for 28,93,00,414 shares compared 12,45,63,536 shares on offer, according to NSE data until 3:07 pm.

The public issue, which will conclude on July 16, is entirely an offer for sale (OFS) of up to 17.09 crore shares worth ₹9,812.91 crore by existing shareholders State Bank of India (SBI) and Amundi.

The issue was earlier proposed to raise ₹11,693 crore but was subsequently reduced after the company completed a pre-IPO placement of about ₹1,880 crore.

"Our company expects that listing of the equity shares will enhance our visibility and brand image as well as provide a public market for the equity shares in India," according to the red herring prospectus (RHP).

The application size for a lot is 26 shares and multiples thereof.

SBI Mutual Fund IPO: Allotment and listing date

Before the IPO, the company had raised ₹2,663 crore from anchor investors, including GIC, Capital World Investors, BlackRock, Abu Dhabi Investment Authority, Fidelity Management & Research, Norges Bank, Goldman Sachs Asset Management, Life Insurance Corporation of India (LIC), HDFC Mutual Fund (MF), Nippon India MF, ICICI Prudential MF and HDFC Life Insurance.

SBI Funds Management IPO: A look at financials

Set up in 1987, SBI Funds Management is the largest domestic asset management company (AMC) by quarterly average assets under management (QAAUM), with ₹12.51 lakh crore in mutual funds and a 15.3% market share as of March 2026.