SBI Funds Management's Rs 9,813 crore IPO was subscribed 42 times on the final day of bidding, led by strong demand from qualified institutional buyers. The issue received bids for 518 crore shares against 12.45 crore shares on offer, according to stock exchange data. The SBI MF issue generated a demand of close to Rs 2.97 lakh crore. The IPO received around 65 lakh applications, the highest number for any IPO this year.The qualified institutional buyer portion was subscribed 140.11 times, showing strong institutional appetite for India’s largest asset management company. The non-institutional investor portion was subscribed 22.51 times, while the retail portion was booked 3.59 times.SBI Funds Management IPO GMPThe company's GMP is around 17% over the issue price in the unlisted market. If the current trends sustain, the company is likely to list with double-digit premium.IPO detailsThe SBI Funds Management IPO is entirely an offer for sale of 17.10 crore shares by State Bank of India and Amundi, aggregating to Rs 9,812.91 crore. Since the issue is fully an OFS, the company will not receive any proceeds from the IPO. The money will go to the selling shareholders.The lot size was 26 shares, requiring a minimum retail investment of Rs 14,924 at the upper price band. The shares are proposed to be listed on BSE and NSE. KFin Technologies is the registrar to the issue.The book-running lead managers include Kotak Mahindra Capital, Axis Capital, BofA Securities India, HSBC Securities, ICICI Securities, Jefferies India, JM Financial, Motilal Oswal Investment Advisors and SBI Capital Markets.Also Read: SBI Funds Management IPO ends with nearly 42 times subscription as QIBs drive demand on Day 3; GMP hints at 16% premiumIndia’s largest mutual fund houseSBI Funds Management is India’s largest asset management company by mutual fund quarterly average assets under management. It had mutual fund QAAUM of Rs 12.5 lakh crore and a 15.3% market share as of March 31, 2026. The company has held the leadership position since March 2021.The company is promoted by State Bank of India and Amundi. SBI gives the fund house access to a large domestic branch and customer network, while Amundi brings global asset management experience. SBI Funds Management offers 128 mutual fund schemes across equity, debt, hybrid, ETFs, index funds and overseas funds, along with PMS, AIFs, SIFs and advisory mandates.The company also has a strong retail franchise, with 17.95 million individual investors and 16.21 million live SIP accounts as of March 31, 2026. Its total QAAUM, including PMS, AIFs, SIFs and advisory mandates, stood at Rs 29.46 lakh crore.Financial performanceSBI Funds Management’s revenue from operations rose to Rs 4,389 crore in FY26 from Rs 3,598 crore in FY25 and Rs 2,691 crore in FY24. Adjusted profit after tax increased to Rs 3,067 crore in FY26 from Rs 2,540 crore in FY25 and Rs 2,073 crore in FY24.