SBI Fund Management IPO Day 3: Subscription Surges Over 500% Against Issue Size, GMP Stands Higher; Should You Apply?

SBI Fund Management IPO picked up momentum on Thursday--the third and last day of bidding after getting fully subscribed on the second day. The Rs 9812.91 crore IPO has been subscribed 5.33 times or 533 per cent, receiving bids for 66,37,19,992 shares against the total issued 12,45,63,536 total issued shares, according to NSE data. Meanwhile, SBI Fund Management IPO GMP remained higher at over 1 per cent.

SBI Fund Management IPO Subscription Status

As per data on NSE, the overall subscription of the share sale stood at 5.33 times till 12:00 PM.

The shares reserved for non-institutional investors attracted 14.83 times subscription, while the retail investors' quota received 2.42 times subscription till the above-mentioned time. At the same time, the portion meant for Qualified Institutional Buyers (QIBs) got 2.91 times the bids as compared to reserved shares.

SBI Funds Management earlier raised Rs 2,663 crore from anchor investors.

SBI Mutual Fund IPO GMP

SBI Funds Management IPO latest GMP was Rs 90-- updated at 10:54 AM on Investorgain.com. With this, the stock hints at a potential listing at Rs 664, up 15.68 per cent from the upper price band of Rs 574.00. Earlier, on Wednesday, the GMP was at 16 per cent.

Also Read: Now Order LPG Like Groceries: Swiggy Instamart And HPCL Partner for On-Demand LPG Cylinder Delivery

Should You Apply? Four brokerage firms give a 'Subscribe' rating

Four brokerage firms--Swastika Investmart, Arihant Capital, Anand Rathi brokerage firm, and Geojit Investment Ltd-- have expressed a positive view of the IPO, recommending subscription.

Anand Rathi firm highlighted SBI Funds Management's leadership position, with a 15.3 per cent share of the mutual fund industry's quarterly average assets under management (QAAUM) as of March 2026. Meanwhile, Swastika Investmart cited the company's scale, good margins, and attractive relative valuation.

Arihant Capital believes that the IPO is reasonably valued compared to similar listed companies, supported by the company's strong franchise, healthy profits, and superior return ratios.

Geojit Investments Limited also gave a 'subscribe' call for the SBI Fund Management IPO.

The brokerage highlighted that the Indian mutual fund AUM grew at 21 per cent CAGR from FY21 to FY26, reaching Rs 82 trillion, and is expected to grow at 16-18 per cent CAGR, reaching Rs 147-155 trillion.

Additionally, Geojit said that SBIFML reported a revenue CAGR of 18 per cent during FY24–26, reaching Rs 4,389cr, driven by AUM growth, which recorded a 17 per cent CAGR and reached Rs 12.5 lakh crore.

Also Read: India-UK FTA Comes Into Force Today; Bilateral Trade To Hit $100 Billion By 2030

IPO Details

Price Band: The price band for the book build issue has been fixed at Rs 545-574 per share.

Lot Size: To apply, retail investors have to buy a lot of 26 shares, meaning a minimum of Rs 1,4924 is needed to place a bid. Retail investors can place a bid up to 13 lots.

Offer For Sale: The share sale comprises around 17.09 crore equity shares, and this is entirely an offer-for-sale (OFS)--existing investors offloading stakes.

Issue Size: Rs 9,812.91 crore.