SBI Fund Management IPO Draws $30.7 Billion in Bids

According to CNBC, SBI Fund Management’s initial public offering drew bids worth 2.97 trillion rupees ($30.7 billion), making it India’s biggest public market offering this year. The joint venture between State Bank of India and Europe’s Amundi Group was seeking to raise 97.9 billion rupees ($1 billion), and the issue was oversubscribed 41.6 times. The portion reserved for qualified institutional buyers was subscribed 140 times, led mainly by domestic institutions such as banks and insurance companies, while retail subscriptions were 3.6 times the offer. Investors are watching the listing next week, as strong gains after the debut could lift demand for upcoming issues, including those of the National Stock Exchange and Jio Platforms, which are each expected to raise more than $3 billion later this year. SBI Funds is India’s largest asset management company and had 29.5 trillion rupees ($395 billion) under management as of March 2026.