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SBI Funds Management IPO lists at 6.3% premium after heavy demand
The ₹9,813-crore IPO drew bids worth nearly ₹3 trillion and was 42 times oversubscribed, helping it hold up despite a volatile market.
SBI Funds Managements IPO, Indias largest so far this year, debuted at a 6.3% premium, a performance backed by heavy subscription in a volatile start to the day, according to an analysis by LiveMint Markets.
The issue raised ₹9,813 crore and attracted bids worth nearly ₹3 trillion, implying 42 times oversubscription, the outlet said.
LiveMint Markets linked listing outcomes to day to day market sentiment, noting that among the 20 largest IPOs by issue size, nine of 11 debuts on days when the Sensex advanced ended higher, while outcomes were mixed when the benchmark fell.
According to Vedant Gupte, co founder and chief executive of investment platform Trackk, large issues need broad institutional participation to absorb supply, making them sensitive to market mood, and he said SBI Funds had strong buffers from broad subscription, substantial institutional demand, and a strong anchor book that created a floor for the stock.
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