SBI Funds Management Limited IPO Subscribed 41.66 Times on Final Day of Bidding
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• Sees Broad Investor Response, Led by QIB Demand at 140.11 times
• The issue generated a demand of close to 2.97 lakh crore at the Upper Price Band of (Rs 574 per share)
Mumbai, July 16, 2026: The Initial Public Offering (IPO) of SBI Funds Management Limited witnessed strong investor interest, with the issue being subscribed 41.66 times on the final day of bidding.
The IPO received bids for 5,18,95,41,032 equity shares against the offered 12,45,63,536 equity shares, at a price band of ₹545 to ₹574 per share, according to data available on the stock exchanges.
The Qualified Institutional Buyers (QIB) portion led the demand and was subscribed 140.11 times, while the Non-Institutional Investors (NII) and Retail Individual Investors (RII) portions were subscribed 22.51 times and 3.60 times, respectively. The Employee Reserved category saw a subscription of 4.65 times, and the Reservation Portion for Shareholders was subscribed 9.52 times.
IPO Details
The IPO comprises an Offer for Sale (OFS) of up to 170,956,631 equity shares of face value Re. 1 each, aggregating up to ₹9,795.32 crore at the upper end of the price band. (Note: Offer size has been calculated after considering the ₹54 per equity share discount available to eligible employees).
The details of the Offer for Sale and the post-Offer market capitalization of the Company, each at the Floor Price and the Cap Price, are given below:
Particulars
| At Floor Price of Rs 545 per equity share | Up to Amount (Rs in million) | At Cap Price of Rs 574 per equity share | Up to Amount (Rs in million) |
Up to No. of Equity Shares of face value of Re 1 each | Up to No. of Equity Shares of face value of Re 1 each | |||
Offer for Sale | 170,956,631 | 92,995.47* | 170,956,631 | 97,953.21* |
* Offer size has been calculated considering the discount of Rs 54 to eligible employees at floor price and cap price.
The strong response to the public issue follows significant interest from marquee global and domestic investors in the pre-IPO and anchor book. Ahead of the IPO, SBI Funds Management Ltd’s raised Rs 2,663 crore from around 129 anchor investors through the allocation of approximately 4,63,93,095 equity shares at Rs 574 per share.
The anchor book saw participation from a distinguished set of long-term investors, including leading sovereign wealth funds, global asset managers, domestic mutual funds, insurance companies, and alternative investment platforms.
The participation of marquee institutions such as Government of Singapore, Abu Dhabi Investment Authority - Monsoon, BlackRock Global Funds – India Funds, Fidelity Investment Trust – Fidelity Emerging Markets Fund, Citigroup Global Markets Mauritius, Goldman Sachs Funds – Goldman Sachs India Equity Portfolio, Societe Generale – ODI, and Morgan Stanley Asia (Singapore) Pte – ODI, amongst others, together with India's foremost institutional investors including Life Insurance Corporation (LIC), HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mahindra Mutual Fund, Nippon India Mutual Fund and HDFC Life Insurance Company, amongst others, serves as a strong endorsement of SBI Funds Management's market leadership and long-term growth prospects.
Prior to the IPO, the company had also completed a pre-IPO placement of nearly Rs 1880 crores, underscoring strong demand ahead of the public offering.
LINK TO THE CUMMULATIVE DEMAND SCHEDULE ON THE EXCHANGES
https://www.bseindia.com/
Kotak Mahindra Capital Company Limited, Axis Capital Limited, BofA Securities India Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, Jefferies India Private Limited, JM Financial Limited, Motilal Oswal Investment Advisors Limited, and SBI Capital Markets Limited* are the book-running lead managers, and KFin Technologies Limited is the registrar of the Offer.
Company Information
Originally incorporated in 1992 as a private limited and converted into a public limited company pursuant to an intimation, the company is the largest asset management company (“AMC”) in India by quarterly average mutual fund assets under management (“QAAUM”), with QAAUM of ₹12,509.98 billion and a mutual fund market share of 15.3% as of March 31, 2026, a position that it has consistently held since March 2021 (Source: CRISIL Report, paragraph 1, page 209).
Including its Portfolio Management Services (“PMS”) and other advisory mandates (collectively with PMS, “Alternates”), its total QAAUM was ₹29,461.05 billion as at March 31, 2026.
The table below shows subscription data for all the categories of investors:
SBI Funds Management Limited | ||||
Last updated on | ||||
16 Jul 2026 | 05:45:00 PM | ||||
Sr.No. | Category | No.of shares offered/reserved | No. of shares bid for | No. of times of total meant for the category |
1 | Qualified Institutional Buyers (QIBs) | 3,09,28,731 | 4,33,32,71,956 | 140.11 |
1(a) | Foreign Institutional Investors (FIIs) | - | 1,53,58,62,744 | - |
1(b) | Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | - | 2,12,88,73,500 | - |
1(c) | Mutual Funds | - | 24,58,43,780 | - |
1(D) | Others | - | 42,26,91,932 | - |
2 | Non Institutional Investors(NIIS) | 2,31,96,549 | 52,21,84,416 | 22.51 |
2.1 | Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | 1,54,64,366 | 40,22,20,000 | 26.01 |
2.1(a) | Corporates | - | 87,17,852 | - |
2.1(b) | Individuals (Other than RIIs) | - | 37,36,68,906 | - |
2.1(c) | Others | - | 1,98,33,242 | - |
2.2 | Non Institutional Investors(Bid amount of more than Two Lakh Rupees and upto 10 lakh rupees) | 77,32,183 | 11,99,64,416 | 15.51 |
2.2(a) | Corporates | - | 5,25,434 | - |
2.2(b) | Individuals (Other than RIIs) | - | 11,52,52,540 | - |
2.2(c) | Others | - | 41,86,442 | - |
3 | Retail Individual Investors (RIIs) | 5,41,25,280 | 19,46,77,444 | 3.6 |
3(a) | Cut Off | - | 16,72,08,132 | - |
3(b) | Price Bids | - | 2,74,69,312 | - |
4 | Employee Reserved | 32,57,347 | 1,51,49,992 | 4.65 |
4(a) | Employee (Cut off) | - | 1,15,60,328 | - |
4(b) | Employee (Price) | - | 35,89,664 | - |
5 | Reservation PortionShareholder | 1,30,55,629 | 12,42,63,542 | 9.52 |
5(a) | RPS (Cut off) | - | 9,48,89,522 | - |
5(b) | RPS (Price) | - | 2,93,74,020 | - |
| Total | 12,45,63,536 | 5,18,95,47,350 | 41.66 |
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