SBI Funds Management Limited IPO
ListedMainboard
41.73×
Subscribed
Price band
₹574 – ₹574
Issue size
₹9.81k Cr
Open – close
14 Jul 2026
to 16 Jul 2026
Listing
21 Jul 2026
Listing gain
+6.85%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
We can't judge this issue yet. A verdict needs at least three independent dimensions — valuation, growth, profitability, balance sheet, issue structure, governance or demand — and this issue does not yet publish enough of them for a read that would mean anything. The offer document has been analysed but reports too few of these to conclude on. A confident score from two fields would be worse than this notice.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens14 Jul 2026
- Closes16 Jul 2026
- Listing21 Jul 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB140.11x
Non-institutionalNII / HNI22.51x
Big NIIabove ₹10L26.01x
Small NII₹2L – ₹10L15.51x
Retail individualRII3.76x
Employee4.65x
Shareholder9.52x
63,82,532 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 16 Jul 2026.
Chance of allotment
Retail3.76× subscribed
~1 in 3.8
Retail is 3.76× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 3.8 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII22.51× subscribed
~1 in 22.5
HNI is 22.51× subscribed. This category is allotted proportionately, so a bid receives roughly 1/22.5 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹70+12.2%
over the upper band · last seen 07 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹574 – ₹574
Total issue size₹9.81k Cr
Listing atMainboard
Company & valuation
NAV per share₹29.28
ROE43.02%
RoNW43.02%
EBITDA Margin92.46%
NAV29.28
Price to Book Value19.60
ISININE640G01020
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB Shares Offered | 7,73,21,826 | 45.23% |
| Anchor Investor Shares Offered | 4,63,93,095 | 27.14% |
| QIB (Ex. Anchor) Shares Offered | 3,09,28,731 | 18.09% |
| NII (HNI) Shares Offered | 2,31,96,549 | 13.57% |
| bNII > ₹10L | 1,54,64,366 | 9.05% |
| sNII < ₹10L | 77,32,183 | 4.52% |
| Retail Shares Offered | 5,41,25,280 | 31.66% |
| Employee Shares Offered | 32,57,347 | 1.91% |
| Shareholders Shares Offered | 1,30,55,629 | 7.64% |
Total issue 17,09,56,631 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,9241 lot · 26 sh
Retail (Max)₹1,94,01213 lots · 338 sh
S-HNI (Min)₹2,08,93614 lots · 364 sh
S-HNI (Max)₹9,99,90867 lots · 1,742 sh
B-HNI (Min)₹10,14,83268 lots · 1,768 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted4,63,93,095
Anchor portion₹2.66k Cr
Bid date13 Jul 2026
Lock-in ends (50%)16 Aug 2026
Lock-in ends (rest)15 Oct 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01carry out the Offer for Sale of 170,956,631^ Equity Shares of face value of ₹1 each by the Promoter Selling Shareholders aggregating to ₹ 97,953.21 million*not stated
- 02achieve the benefits of listing the Equity Shares on the Stock Exchangesnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Our Company Consolidatedthis issue | 15.08 | 38.06 | 29.28 | 43.02% |
| ICICI Prudential Asset Management Company Limited | 66.73 | 85.80 | 84.39 | — |
| HDFC Asset Management Company Limited | 66.77 | 32.90 | 215.42 | — |
| Nippon Life India Asset Management Limited | 24.05 | 34.50 | 73.01 | — |
| Aditya Birla Sun Life Asset Management Company Limited | 33.76 | 25.53 | 139.94 | — |
| UTI Asset Management Company Limited | 31.51 | 11.22 | 350.50 | — |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumA material decline in quarterly average assets under management (QAAUM) due to market movements, redemptions, or other factors could significantly impact financial performance, as revenues and profitability are directly linked to QAAUM.
mediumA shift in QAAUM mix from higher-fee products (such as equity-oriented or actively managed schemes) to lower-fee products (such as debt-oriented or passive schemes) would result in a decline in weighted average management fee realization and reduce revenue and profitability, even without any decline
mediumLarge-scale redemptions, particularly by institutional investors or high-net-worth individuals, could create a compounding effect where redemptions force schemes to sell securities at unfavourable prices, resulting in further performance deterioration and additional redemptions.
mediumA market downturn can simultaneously drive mark-to-market depreciation of scheme portfolios and higher redemptions and SIP discontinuance rates, which compound each other and can cause a disproportionately large decline in AUM and management fee income.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.1%
Listed up
6 of 8
Best
+65.4%
Orient Cables (India) Limited
Worst
-2.3%
Vishal Nirmiti Limited
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Shah Investor's Home Limitedsame segment
38.1× sub+2.4%
Srit India Limitedsame segment
125.2× sub+13.8%
Runwal Enterprises Limitedsame segment
2.5× sub+0.0%
Orient Cables (India) Limitedsame segment
92.3× sub+65.4%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
Offer documents
The primary sources everything above is drawn from
Common questions
What is the SBI Funds Management Limited IPO GMP today?
The most recent grey-market premium recorded for SBI Funds Management Limited is ₹70 per share — about 12.2% over the ₹574 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the SBI Funds Management Limited IPO subscribed?
SBI Funds Management Limited is subscribed 41.73× overall (QIB 140.11×, NII 22.51×, retail 3.76×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar.
What are the chances of allotment in the SBI Funds Management Limited IPO?
The retail portion is subscribed 3.76×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 4. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.