History test! What last 12 billion-dollar IPO listing gains indicate about SBI MF's Rs 9,813 crore debut

SBI Funds Management's Rs 9,813-crore IPO, which was subscribed 42 times, is expected to list at an 18% premium based on a grey market premium of Rs 105 over the upper price band of Rs 574. The company, India's largest AMC with 15.3% market share and Rs 12.5 lakh crore QAAUM, posted FY26 revenue of Rs 4,389 crore and PAT of Rs 3,067 crore with an EBITDA margin of 79.1% and ROE of 51.4%. At 38.1x FY26 earnings, the issue is priced at a discount to listed peers ICICI Prudential AMC and HDFC AMC, while historical data shows large Indian IPOs have delivered mixed listing gains averaging 13%.