SBI Funds: Mega ₹620 Crore Block Deal Strikes Just 8 Minutes After Listing
Shares of SBI Funds Management made a strong debut on the Indian stock exchanges on Tuesday, listing at a healthy 7% premium over the issue price. Demonstrating intense institutional interest, the listing on the National Stock Exchange (NSE) took place at ₹613.30 per share against the upper price band of ₹574. In a dramatic market development occurring just eight minutes post-listing, a massive block deal was executed involving 10 million shares valued at approximately ₹620 crore, triggering sharp market activity.
Mega Offer for Sale: SBI and Amundi India Raise ₹9,812 Crore
The highly anticipated initial public offering (IPO) was structured entirely as an Offer for Sale (OFS), through which parent entity State Bank of India (SBI) and joint venture partner Amundi India Holding offloaded a total of 17.10 crore (171 million) equity shares. With the price band fixed between ₹545 and ₹574 per share, the book-building issue successfully raised ₹9,812.91 crore from the capital markets. Book running lead manager Kotak Mahindra Capital oversaw the issue, with KFin Technologies Limited acting as the official registrar.
Massive Institutional Demand: QIB Segment Subscribed 140 Times
Open for bidding from July 14 to July 16, with final allotment completed on July 17, the IPO generated exceptional demand across investor categories. According to official NSE data, the issue was subscribed 41.66 times overall. The Qualified Institutional Buyers (QIB) segment led the order book with a staggering 140.11 times subscription, while Non-Institutional Investors (NII) subscribed 22.51 times and retail individual investors subscribed 3.60 times, signaling widespread institutional confidence in India's leading asset manager.
Brokerage Targets Point to Further Upside: Emkay and Equirus Issue 'Buy' Ratings
Following the debut, leading domestic brokerage firms initiated coverage on SBI Funds Management with bullish long-term projections. Brokerage firm Emkay Global assigned a 'BUY' rating with a target price of ₹750 set for June 2027, representing a projected upside of roughly 31% over the issue price and 22% over the listing price. Similarly, financial firm Equirus initiated coverage with a positive outlook and set a price target of ₹675, citing the company's dominant market position and sustained growth outlook in the mutual fund ecosystem.
