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SBI Funds Management IPO grey market premium points to higher listing gain
SBI Funds Management is set to list Tuesday, July 21, after bidding closed July 16 and its GMP implies a potential 17.4% jump versus the issue price.
SBI Funds Managements IPO bidding ended July 16, with the deal finalizing share allotment on July 17 ahead of its Tuesday, July 21 listing, according to LiveMint Markets. The grey market is currently assigning the issue a grey market premium, or GMP, of ₹91, which the outlet estimates could translate to a roughly ₹6 per share premium over the upper end of its ₹545 to ₹574 pricing range. That puts the implied listing price at about ₹574 plus the GMP-derived increment.
Based on the upper price band, the outlet estimates the potential listing gain at 17.4% over the issue price. The IPO was subscribed 41.66 times by the close of bidding, with Qualified Institutional Buyers leading at 140.11 times, Non-Institutional Investors at 22.51 times, and Retail Individual Investors at 3.60 times, per NSE data cited by LiveMint Markets.
The public issue is a 100% offer for sale of 20.37 crore equity shares, meaning the company will not receive proceeds. LiveMint Markets says the seller group includes State Bank of India and Amundi India Holding, with combined offloading of up to 17.09 crore shares worth up to ₹9,795 crore at the upper end of the band.
In parallel, LiveMint Markets reported Alpine Texworlds IPO GMP sits near ₹1 and its estimated premium over the issue price is around 1%, giving the market a much smaller upside signal compared with SBI Funds Management.