SBI Funds Management IPO GMP Rises Ahead of Listing: Know Expected Share Price Tomorrow

SBI Funds Management IPO Listing Date & GMP:

As the allotment of the SBI Funds Management IPO has been finalised, all eyes are on its listing tomorrow, July 21. According to market observers, the grey market premium (GMP) on Monday rose to nearly 18 per cent, compared with 16 per cent on the final day of bidding on Thursday, indicating the higher expected listing gains of the IPO on stock market debut tomorrow, July 21.

Shares of SBI Funds Management Ltd are scheduled to list on the BSE and the NSE on Tuesday, July 21. The IPO was open for public subscription between July 14 and July 16.

Applicants can check their IPO allotment status on the websites of the BSE and the NSE, as well as registrar Kfin Technologies. The online facility to check allotment status is available

on these portals.

SBI Funds Management IPO GMP Today

According to market observers, SBI Funds Management’s shares were commanding a grey market premium (GMP) of around Rs 103 per share on Monday, compared with Rs 92 on the final day of bidding on Thursday.

Based on the upper price band of Rs 574, the latest GMP indicates a potential listing price of around Rs 677 per share, which is a 17.94 per cent listing gain. However, investors should note that the grey market is unofficial and GMP keeps changing based on investor sentiments.

A Step-By-Step Guide To Check Allotment Status Online

The SBI Funds Management IPO allotment has been finalised. The allotment status can be checked online by following these steps:

1) Visit registrar Kfin Technologies’ portal – https://ipostatus.kfintech.com/.

2) Under ‘Select IPO’, select ‘SBI Funds Management Ltd’ from the drop box.

3) Enter your application number, demat account, or permanent account number (PAN).

5) Then, click on the ‘Submit’ button.

Your share application status will appear on your screen.

Via the BSE

1) Go to the official BSE website via the URL — https://www.bseindia.com/investors/appli_check.aspx.

2) Under ‘Issue Type’, select ‘Equity’.

3) Under ‘Issue Name’, select ‘SBI Funds Management Limited’ in the drop box.

4) Enter your application number, or the Permanent Account Number (PAN). Those who want to check their allotment status via PAN can select the ‘Permanent Account Number’ option.

5) Then, click on the ‘I am not a robot’ to verify yourself and hit the ‘Search’ option.

Your share application status will appear on your screen.

Via NSE’s Website

The allotment status can also be checked on the NSE’s website at https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids.

SBI Funds Management IPO Subscription

On the last day of bidding on Thursday, the Rs 9,813-crore mainboard issue received a 41.73x subscription, garnering bids for 5,19,86,04,944 shares as against the 12,45,63,536 shares on offer. Its retail category received a 3.76x subscription, while the qualified institutional buyer (QIB) quota received a whopping 140.11x subscription. The non-institutional investor (NII) category received a 22.51x subscription.

The public issue was open for public subscription between July 14 and July 16. The stock is scheduled to be listed on both the BSE and the NSE on July 21.

Ahead of the public issue, parent State Bank of India (SBI) sold a 1.42% stake in the company to 30 institutional investors for Rs 1,655 crore in a pre-IPO placement at Rs 574 per share, the upper end of the IPO price band.

SBI Funds Management IPO: Price Band

The company fixed the price band at Rs 545-574 per equity share. The pre-IPO placement was also carried out at Rs 574 per share, indicating strong institutional demand ahead of the public issue.

SBI Funds Management IPO Size

The IPO is entirely an offer for sale (OFS) worth around Rs 9,812.91 crore. The company will not receive any proceeds from the issue. State Bank of India and Amundi India Holding will together sell around 10% of the company’s paid-up equity capital. SBI will offload up to 12.83 crore shares, while Amundi India Holding will sell up to 7.54 crore shares.

At the upper end of the price band, SBI Funds Management is valued at around Rs 1.17 lakh crore.

Who Bought Shares In The Pre-IPO Placement?

SBI sold a 1.415% stake, or 2.88 crore equity shares, to 30 investors for Rs 1,655 crore. Investors in the pre-IPO placement include 360 ONE funds, Tata AIG General Insurance Company, Go Digit General Insurance, Bennett Coleman, Anand Rathi Global Finance, Capri Global Ventures and Carnelian Bharat Amritkaal Fund, among others.

About SBI Funds Management

SBI Funds Management is India’s largest asset management company with assets under management (AUM) of over Rs 13 lakh crore.

The company is a joint venture between State Bank of India and Amundi, Europe’s largest asset manager. Apart from mutual funds, it manages EPFO investments and is expanding its international asset management business.

The company aims to double its international assets under management to USD 5 billion over the next three years while also expanding its presence in GIFT City and the alternatives segment.