First Bell: SBI Funds' investors in line for 10-15% listing pop

SBI Funds Management shares are trading at a grey market premium of ₹104 over the issue price of ₹574, implying an 18.1% listing gain. At the IPO price, the asset manager's market capitalisation stands at ₹1.16 lakh crore, against ₹1.54 lakh crore for ICICI Prudential AMC and ₹1.13 lakh crore for HDFC AMC. Analysts advise long-term investors to hold given strong fundamentals, healthy margins and leadership in the AMC segment, while suggesting short-term allottees book profits.