IPO GMP Check: SBI Funds Management IPO vs Alpine Texworld IPO - What grey market signals ahead of listings?

Two IPOs, SBI Funds Management (₹11,692.91 crore) and Alpine Texworld (₹126.25 crore), closed bidding on July 16 and are set to list on July 21. SBI Funds Management was subscribed 41.66 times overall, led by QIBs at 140.11 times, with a grey market premium of ₹91 indicating a potential listing gain of 17.42 percent over the upper price band of ₹574. Alpine Texworld saw modest 1.40 times subscription with a GMP of ₹1, suggesting an estimated 1 percent listing premium. SBI Funds Management is a 100 percent Offer for Sale by SBI and Amundi India Holding, while Alpine Texworld is a 100 percent fresh issue to fund a new weaving unit in Ahmedabad and repay borrowings.