SBI Funds Management shares made their debut on stock exchanges with a decent premium of 7 per cent against their IPO price on Tuesday. The SBI Funds shares listed at Rs 613.30 per share on the NSE, reflecting a premium of 6.85 per cent against the upper end of the price band. On BSE, the shares started trading at Rs 610 per share, a premium of 6.27 per cent.
The Rs 9,812.91-crore issue was subscribed 41.66 times and had a price band of 545-574 per equity share.
The listing did not reflect the market estimates as the GMP was predicting a listing gain of 15-16 per cent. Meanwhile, the company's market capitalisation post-listing stood at Rs 1,24,246.48 crore.
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 must buy a lot of 26 shares, meaning a minimum of Rs 1,4924 is required 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 it is entirely an offer-for-sale (OFS) — existing investors offloading stakes.
Issue Size: Rs 9,812.91 crore.
This is a developing story..