SBI Funds' IPO price band deals a blow to grey market punters

SBI Funds Management has set an IPO price band that has disappointed grey market investors, with the issue price of about ₹574 implying a market capitalisation of ₹1.16 lakh crore, significantly below the ₹1.68 lakh crore valuation in the unlisted market on July 3. The public issue, opening from July 14 to 16, is entirely an offer for sale of 20.37 crore shares (about 10% of paid-up equity), making it the largest IPO of 2026 so far. State Bank of India (61.9% stake) and Amundi (36.4%) will both dilute holdings, with no fresh capital being raised.