India's SBI Funds Management's $1.03 bln IPO fully subscribed on day 2 of bidding - exchange data

India's SBI Funds Management IPO, which opened for subscription on July 14, has seen strong investor interest, with the issue fully subscribed on the second day of bidding, according to exchange data. The IPO, priced between ₹545 and ₹574 per equity share, aims to raise ₹9,813 crore through an Offer for Sale (OFS) and is expected to close on July 16.

The grey market premium (GMP) for the IPO was reported at 17.42% on the first day, indicating a potential listing price of ₹674 per share, although this is not an official metric and the actual listing price may vary. Retail investors could potentially profit ₹2,600 per lot if the stock lists at this level.

SBI Funds Management, India’s largest asset management company by mutual fund Quarterly Average Assets Under Management (QAAUM), manages assets worth ₹12.50 lakh crore as of March 31, 2026. The company will finalize share allotment on July 17, with the stock expected to list on July 21. Investors are advised to consider risks such as regulatory changes and evolving investment trends before participating in the IPO.