India’s biggest asset manager just proved that traditional finance still knows how to throw a party. SBI Funds Management’s roughly $1 billion initial public offering drew 42 times more demand than shares available, pulling in approximately $31 billion in total bids from investors who apparently couldn’t hit the “subscribe” button fast enough.
The IPO, which opened on July 14 and closed on July 16, was fully subscribed by day two. That kind of demand puts it among the most heavily oversubscribed public offerings India has ever seen.
Inside the offering
The deal was structured as a 100% offer-for-sale, meaning no new capital was raised for the company itself. Instead, existing shareholders, State Bank of India and French asset management giant Amundi, sold approximately 20.37 crore shares at a price band of 545 to 574 rupees per share.
At the upper end of that range, the total issue size came to around 9,813 crore rupees, or roughly $1.03 billion. The implied valuation for the full company landed at approximately 1.17 trillion rupees, which works out to about 38 times projected 2026 earnings.
