The initial public offering (IPO) of SBI Fund Management opened for public subscription on Tuesday, July 14, 2026, and the Rs 9,812.91 crore share sale will remain open until Thursday, July 16. Meanwhile, the grey market premium of the SBI Fund Management IPO remained high at over 17 per cent from the IPO price. 

India's largest fund management house was earlier planned to raise Rs 11,692.91 crore through an initial share sale; the size was reduced to Rs 9,812.91 crore following the company's raising Rs 1,880 Crore in pre-IPO placement.

Subscription Status

The SBI's fund house initial share sale has been subscribed to nearly 40 per cent on the first day within three hours of opening. According to NSE's data, the IPO was subscribed 0.39 times, or 39 per cent, till 1:21 PM on Tuesday.The The The The 

Qualified Institutional Investors quota was subscribed 0.06 times, Non Institutional Investors' category got 0.64 times bids, while shares reserved for retail investors were booked 0.41 per cent till the above-mentioned time.

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.

SBI Fund Management IPO GMP Today

SBI Funds Management IPO GMP today is Rs 98 as last updated at 10:02 AM on Investorgain. With this, the shares indicate an estimated listing at Rs 672, up 17.07 per cent from the upper price band of Rs 574.

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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.

Share Reservation

The company reserved a minimum of 35 per cent of total issued shares for retail investors and 15 per cent for Non-Institutional Investors. Up to 50 per cent shares are reserved for Qualified Institutional Investors (QIIs).