3 min readMumbaiUpdated: Jul 22, 2026 04:18 AM IST
SBI Funds Management ended its debut trading session up around 6.3% from its issue price of Rs 575 on Tuesday. The asset management wing of SBI had earlier made its market debut at a 7% premium, missing grey-market expectations of a 13-16% listing day gain.
The stock, which had listed at Rs 613.30 a share on the National Stock Exchange (NSE), rose to as much as Rs 624.95 at its intraday high before ending the session at Rs 610.15 on the NSE. The listing gains took the company’s market capitalization to Rs 1.24 lakh crore. Peers ICICI Prudential and HDFC Asset Management Company have a market cap of Rs 1.56 lakh crore and Rs 1.11 lakh crore, respectively.
Despite the below-expected listing, analysts remained positive on the stock due to its market leadership, competitive valuations, and long-term growth potential. For context, SBI Funds Management is India’s largest asset management company, with over 12.5 lakh crore in assets under management and over 15% market share as of March 31.
The fund’s strong distribution strength has built one of the country’s biggest SIP franchises, which sets the company up for long-term success with an attractively valued stock, analysts from Equirius Capital said in a report.
The company raised Rs 9,813 crore from its public issue, which was subscribed 41.66 times its issue size as of the final day of bidding. It had raised Rs 2,663 crore from global powerhouses such as BlackRock and sovereign wealth funds from Norway and Abu Dhabi, as well as Indian names like LIC, ICICI Prudential, and Kotak Mutual Fund.
Amundi, SBI’s joint venture partner in the company, divested a near 4% stake during the issue. The French financial giant’s deputy chief executive officer said it does not plan to divest any further stake in the asset management company. SBI chairman also said the bank is not looking for any further dilution. Post the IPO, SBI now holds a 55% stake in SBI Funds, while Amundi holds a 32.5% stake.
SBI Funds’ positive public issue may provide a boost to the country’s sluggish IPO market so far this year, following record deals in 2025, with big issues such as NSE and Reliance Jio lined up for the rest of the year. However, a pickup in primary issuances will largely depend on geopolitical stability, as the West Asia war and the ensuing market uncertainty have prompted many companies to put their fundraising plans on hold.