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SBI Funds Management IPO closes 41.7x oversubscribed on strong demand
The issue is an Offer for Sale of up to 17.09 crore shares, and its estimated listing price is about ₹669, implying a 16.6% premium to the top of the offer range.
SBI Funds Managements IPO closed with demand far exceeding the shares on offer, finishing oversubscribed nearly 41.7 times, according to LiveMint Markets. The final bidding saw bids for 519 crore shares against 12.45 crore shares offered, with institutional demand especially strong.
By investor category, the non institutional investor portion was oversubscribed 22.5 times, while the qualified institutional buyers segment reached about 140 times. Retail investors participation was 3.76 times for its quota, while the employee and shareholder portions were booked 4.65 times and 9.52 times, respectively.
The IPO price band is set at ₹545 to ₹575 per share. LiveMint Markets reported that the grey market premium rose to ₹95 per share, pointing to an estimated listing price of around ₹669, or about a 16.6% premium based on the upper end of the range.
The transaction is entirely an offer for sale, with up to 17.09 crore equity shares sold by existing holders SBI and Amundi for as much as ₹9,795 crore at the top of the band. SBI will sell a 6.3% stake and Amundi a 3.7%, and because it is an OFS, SBI Funds Management will not receive any IPO proceeds.