The allotment status for SBI Funds Management’s Rs 9,813-crore initial public offering (IPO) is expected to be finalised on Thursday, July 17, following a strong response from investors.
The public issue was subscribed 41.66 times on the final day of bidding, reflecting strong demand across investor categories.
The IPO, which remained open from July 14 to July 16, received total bids worth nearly Rs 2.98 lakh crore.
Record bids received
With this, SBI Funds Management’s issue became India’s fifth-largest IPO in terms of total bid value, ranking behind major offerings such as Reliance Power, LG Electronics India, Bajaj Housing Finance and ICICI Prudential AMC.
According to data from the National Stock Exchange (NSE), investors placed bids for 5,18,90,71,160 shares against the 12,45,63,536 shares available under the issue.
Qualified Institutional Buyers (QIBs) drove the demand, subscribing to their reserved portion 140.11 times. The institutional category attracted bids worth around Rs 2.5 lakh crore.
The Non-Institutional Investors (NIIs) segment was subscribed 22.51 times, while the Retail Individual Investors (RIIs) category received 3.6 times subscription.
Strong GMP
Market expectations around the listing remain positive, supported by trends in the grey market.
According to market tracking platforms Investorgain and IPO Watch, the grey market premium (GMP) for SBI Funds Management IPO stood at Rs 92 per share on July 16.
At the upper price band of Rs 574, the GMP indicates a possible listing price of around Rs 662 per share, suggesting a potential listing gain of nearly 16%.
The company has fixed the IPO price band at Rs 545–Rs 574 per equity share. The issue is entirely an Offer for Sale (OFS) of 20.37 crore equity shares, meaning SBI Funds Management will not receive any fresh funds from the IPO.
The proceeds will go to existing shareholders State Bank of India (SBI) and Amundi India Holding.
How to check allotment
Investors can check their allotment status through the websites of KFin Technologies, the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
On the KFin Technologies portal: Investors need to select SBI Funds Management IPO from the dropdown menu and verify their application using their PAN number, application number or DP/client ID.
After submitting the details, the allotment status will be displayed on the screen.
On BSE website: Investors can also check their status through the BSE website by selecting the equity issue type, choosing SBI Funds Management IPO, and entering their application number and PAN details.
On NSE portal: The NSE portal also provides an IPO bid verification facility where applicants can select the issue name, enter their application number and PAN, and view their allotment details.
The basis of allotment is scheduled to be completed on July 17. Shares of successful applicants are expected to be credited to their demat accounts by July 20. SBI Funds Management shares are scheduled to begin trading on both BSE and NSE on July 21.
