At 42x subscription, SBI Funds IPO draws record buzz

SBI Funds Management's IPO was subscribed 42 times, with bids for 5.19 billion shares against 124.5 million shares on offer. The issue drew allotment applications worth about Rs 2.97 lakh crore, with the QIB portion subscribed 140.11 times, NIIs at 22.51 times, and retail investors at 3.6 times. The robust response is among the strongest for Indian issues above one billion dollars since 2020 and is expected to trigger healthy listing gains and revive the primary market pipeline.