The SBI Funds Management IPO has finally closed for with a robust investor response. The issue has got an overall subscription of 41.66 times. It is among the top 10 most subscribed mainboard IPOs in 2026.
The SBI Funds issue received bids for 518.95 crore shares against its ask of 12.45 crore. The QIB and NII segments particularly attracted heavy investor response.
Retail category, which was undersubscribed on the first day also picked up pace being subscribed 3.60 times.
SBI Funds IPO: Strong demand across investor categories
The issue received a stellar response across various segments, with the Qualified Institutional Buyer category witnessing heavy oversubscription at 140.11 times. The non-institutional investor portion of the IPO was subscribed 22.51 times, and the retail applicant segment category gained momentum with a subscription of 3.60 times.
The employee portion of the issue received a subscription of 4.65 times, while the shareholders category ended the bidding process being subscribed 9.52 times.
SBI Funds Management IPO: Day 3 subscription snapshot
SBI Funds Management IPO witnessed a 15-fold increase in subscriptions on the final day of bidding, with the issue closing at an overall subscription of 41.66 times.
| Investor Category | Subscription (Day 3) |
| Qualified Institutional Buyers (QIBs) | 140.11x |
| Non-Institutional Investors (NIIs) | 22.51x |
| Retail Individual Investors (RIIs) | 3.60x |
| Employees | 4.65x |
| Shareholder | 9.52x |
| Overall | 41.66x |
SBI Funds Management IPO: GMP nearly 17%
As per the latest update, in the grey markets the shares of SBI Funds Management IPO were trading at a premium of Rs 96, translating into an estimated listing price of Rs 670, based on the upper end of the price band. This reflects a gain of 16.72%
The company had fixed the price band for the IPO at Rs 545 to Rs 574 per equity share,as it seeked to raise Rs 9,813 crore through an Offer for Sale (OFS) route.
But readers must note that GMP is an unofficial indicator of the listing price and may fluctuate based on market conditions.
SBI Funds Management IPO: Allotment, listing details
On a tentative basis, share allotment is expected to be completed by Friday, July 17, and beneficiaries shall receive their shares and requisite refunds by Monday, July 20. The company is expected to list on NSE and BSE by Tuesday, July 21.
The SBI Funds Management IPO had opened for bidding on Tuesday, July 14 and closed on Thursday, July 16.
SBI Funds Management IPO: Expert take
Giving the IPO a ‘Subscribe’ rating, Choice Institutional Equities said, “At the upper price band, the issue is valued at a P/QAAUM of 9.3% and a P/E of 38.1x (based on FY26 EPS of Rs. 15.1), indicating a fair valuation relative to peers. However, its scale provides significant operating leverage, reflected in the industry’s lowest cost-to-income ratio and lowest operating cost as a % of QAAUM.”
“At the price band of INR 545 to INR 574, SBIFML is valued at a post issue market capitalisation of INR 1,11,007 crore to INR 1,16,914 crore. Based on FY26 PAT of INR 3,067 crore and a basic EPS of approximately INR 15.08, the issue is priced at approximately 36.1x to 38.1x FY26 earnings” said Deven Choksey Research in a report, as it gave it a Subscribe rating.
