The SBI Funds Management IPO witnessed strong momentum on Day 2, with the issue subscribed 2.77 times overall as investor participation increased across all categories. NII demand remained the key driver at 6.58x, while QIB, retail, employee and shareholder portions also turned fully subscribed. The broad-based oversubscription reflects healthy investor interest ahead of the final day of bidding.
SBI Funds Management IPO at a Glance
IPO Subscription Summary
The SBI Funds Management IPO closed Day 2 (July 15, 2026) at 2.77 times overall, a sharp jump from the "steady" pace of Day 1. NII led all categories by a wide margin, and every category crossed 1x by the end of the session.
Key IPO Details
| Detail | Value |
| Issue Type | Book-Built Issue (OFS Only) |
| Total Issue Size | Up to ₹9,812.91 crore |
| Face Value | ₹1 per equity share |
| Price Band | ₹545 – ₹574 |
| Lot Size | 26 shares |
| Minimum Investment (Retail) | ₹14,924 per lot |
| Listing | NSE, BSE |
| Registrar | KFin Technologies Limited |
Last Updated Time
Figures below reflect the official Day 2 close, as reported at 7:00 PM IST on July 15, 2026.
Live IPO Subscription Status Today
Category-wise IPO Subscription
SBI Funds Management IPO – Day 2 Subscription Status (15 July 2026, 7:00 PM)
| Category | Subscription (x) |
| Qualified Institutional Buyers (QIBs) | 1.50x |
| Non-Institutional Investors (NIIs) | 6.58x |
| Retail Individual Investors (RIIs) | 1.61x |
| Employees | 2.27x |
| Shareholders | 3.98x |
| Total | 2.77x |
Overall IPO Subscription
The issue closed Day 2 subscribed 2.77 times overall, with every investor category — retail, NII, QIB, employee, and shareholder — oversubscribed by the end of the session.
IPO Subscription Snapshot
NII was the standout category at 6.58x, followed by the shareholder quota at 3.98x and the employee reservation at 2.27x. QIB, which typically builds late, closed Day 2 at 1.50x — already past the 1x mark with one full day of bidding still to go.
Day-wise IPO Subscription Trend
Day 1 Subscription
Day 1 saw steady investor participation, setting up the sharper pickup that followed on Day 2. (Detailed Day 1 category figures aren't covered in this source — happy to pull those separately if you need them referenced here.)
Day 2 Subscription
Day 2 closed at 2.77x overall as of 7:00 PM on July 15, 2026:
| Category | Subscription |
| QIB | 1.50x |
| NII | 6.58x |
| RII | 1.61x |
| Employees | 2.27x |
| Shareholders | 3.98x |
Subscription Growth Analysis
NII demand at 6.58x is the clear driver of the overall 2.77x print, well ahead of retail (1.61x) and QIB (1.50x). QIB crossing 1x by the Day 2 close, with a full day of bidding still remaining, points to solid institutional intent heading into the final session.
Category-wise Subscription Analysis
Retail Individual Investors (RII) Subscription
RII closed Day 2 at 1.61x, comfortably oversubscribed. Allotment for this category will run through the standard lottery process for the minimum lot.
Qualified Institutional Buyers (QIB) Subscription
QIB stood at 1.50x at the Day 2 close. Institutional books typically see the largest share of bids on the final day, so this figure is likely to move further on Day 3.
Non-Institutional Investors (NII/HNI) Subscription
NII was the strongest category by far at 6.58x, signalling heavy HNI interest in the issue.
Employee Reservation Subscription
The employee reservation category closed Day 2 at 2.27x.
Shareholder Reservation Subscription
The shareholder quota closed Day 2 at 3.98x, the second-strongest category after NII.
What Does the IPO Subscription Indicate?
Strong vs Weak Subscription
A 2.77x close on Day 2, with all categories oversubscribed, is a strong showing. It puts the issue in a healthy position heading into the final day of bidding.
What Retail Subscription Means
RII at 1.61x confirms retail demand has moved well past full subscription, meaning oversubscribed applicants will go through lottery-based allotment on the minimum lot.
What QIB Subscription Indicates
QIB at 1.50x by Day 2 close is an encouraging early signal, since institutional commitment usually concentrates on the last day of bidding.
How Subscription May Impact Listing
Strong, broad-based demand across every category by Day 2 sets up a constructive backdrop for listing day, though the final read will depend on how much further QIB and NII bids build through Day 3 close.
Expert Review & Market Sentiment
Analyst View
Broad-based oversubscription by Day 2 — led by NII and supported by strong shareholder and employee participation — reflects confidence in SBI Funds Management's scale as India's largest AMC.
Key Strengths
- India's largest asset manager by QAAUM (₹29.04 lakh crore as of December 31, 2025), with ~15.5% market share of India's mutual fund industry AUM
- Serves more than 16.05 million investors
- Joint venture structure combining SBI's distribution network with Amundi's global asset management capability
Key Risks
- Entirely an Offer for Sale — the company receives no proceeds from the issue
- Revenue closely tied to AUM and, in turn, to equity market performance
Should Investors Apply?
This is informational content on subscription trends and should not be read as investment advice. Investors should weigh the company's financials and risk factors against their own investment horizon, and can consult a SEBI-registered advisor if needed.
About SBI Funds Management
Company Overview
Incorporated in 1992, SBI Funds Management Limited is the investment manager of SBI Mutual Fund and one of India's leading asset management companies, operating as a joint venture between State Bank of India and Amundi Asset Management.
Business Model
The company offers investment solutions across mutual funds, portfolio management services (PMS), alternative investment funds (AIFs), specialised investment funds (SIFs), and advisory services across multiple asset classes.
Financial Performance
| Particulars (₹ crore) | FY23 | FY24 | FY25 |
| Revenue from operations | 2,161.59 | 2,690.56 | 3,597.76 |
| EBITDA | 1,810.41 | 2,718.82 | 3,412.94 |
| Profit After Tax | 1,339.71 | 2,072.79 | 2,540.15 |
Competitive Strengths
- Largest asset manager in India by AUM, distributing through a wide network of branches, intermediaries, and digital platforms
- Dual backing from SBI and Amundi combines domestic reach with global asset-management expertise
Important IPO Dates
| Event | Date |
| Anchor Investor Bidding | 13 July 2026 |
| IPO Opening | 14 July 2026 |
| IPO Closing | 16 July 2026 |
| Basis of Allotment | 17 July 2026 |
| Refund Initiation | 20 July 2026 |
| Demat Credit | 20 July 2026 |
| Listing (BSE & NSE) | 21 July 2026 |
Note: allotment and listing dates are tentative and may be revised.
How to Check SBI Funds Management IPO Subscription Status
Through NSE
Visit the NSE IPO bidding details page and select "SBI Funds Management Limited" for live category-wise bid data.
Through BSE
Check the BSE IPO subscription page under equity issues for real-time figures.
Through Your Broker
Most broking platforms, including Ventura, display live subscription data on the IPO's dedicated page, sourced directly from exchange feeds.
IPO Subscription History
Previous Day Subscription
Day 1 saw steady participation; specific category-wise figures for Day 1 aren't covered by this source.
Final Subscription Figures
Final figures will be available once the issue closes on July 16, 2026.
Comparison with Similar IPOs
A comparison with recent AMC and financial services listings will be added once final subscription and listing-day data are available.
