Non-institutional investors (NII) portion subscribed 1.39 times on Day 1

Issue closes on Thursday, July 16, 2026, for bidding

Mumbai: The Initial Public Offering of SBI Funds Management Limited was subscribed 0.68 times on the first day of bidding, demonstrating strong demand from retail, employees and non-institutional investors (NII) for this IPO.

The issue received bids of 8,50,65,656 equity shares against the offered 12,45,63,536 equity shares, according to data available on the stock exchanges.

The Non-Institutional Portion and Retail Portion were subscribed 1.39 times and 0.62 times, respectively. The Qualified Institutional Investors (QIB) portion was subscribed 0.08 times, while the Employee Reserved Quota was subscribed 1.02 times.

The issue kicked off for subscription on Tuesday, July 14, 2026, and will close for subscription on Thursday, July 16, 2026.

A day before the opening of the issue, SBI Funds Management Limited had raised nearly ₹2,663 crore from anchor investors. SBI FM’s anchor book attracted participation from 129 marquee investors across geographies and investor categories, reflecting broad-based confidence in the business model, long-term growth strategy, and India’s expanding asset management opportunity.

Earlier, SBI Funds Management had also completed its pre-IPO (Initial Public Offering) placement of around Rs 1880 crore.

Brokerage houses recommend SBI Funds Management Limited

Leading brokerage firms like Anand Rathi, Arihant Capital, Chola Securities, Kantilal Chhaganlal Securities, SMIFS Limited and Ventura Securities have given their “Subscribe” recommendation to SBI Funds Management.

Anand Rathi highlights the company operates an asset-light, fee-based business model through the management of mutual funds, Portfolio Management Services (PMS), Alternative Investment Funds (AIFs), Specialized Investment Funds (SIFs) and advisory mandates across equity, debt, hybrid, passive and overseas investment products.

On the valuation front, at the upper price band, the company is valued at a P/E of 38.1 times. It recommends a “Subscribe” rating to the IPO.

Chola Securities highlights the company benefits from the strong SBI franchise, which provides a significant competitive advantage through access to SBI’s extensive branch network, large customer base, and strong brand credibility, supporting customer acquisition and asset mobilization, particularly in Beyond Top 30 (B-30) cities.

On the valuation front, it is fairly valued at 38 times FY26 earnings, compared with listed peers such as HDFC AMC (41 times), ICICI Prudential AMC (48 times), and Nippon Life India AMC (51 times), considering its AUM growth prospects and revenue yield profile relative to peers. It has a “SUBSCRIBE” rating.