SBI Funds Management gets 2 buy calls before listing. Why Equirus, Emkay see up to 31% upside

Brokerages Equirus and Emkay have initiated coverage with buy calls on SBI Funds Management ahead of its listing, seeing up to 31 percent upside. The Rs 9,795 crore IPO, which was entirely an offer for sale by SBI and Amundi with a price band of Rs 545-574, was subscribed 41.66 times with QIB portion at 140.11 times. Equirus highlighted the AMC's strong franchise with 15.1 percent MF market share, Rs 12.6 lakh crore QAAUM, asset-light model with EBITDA margins of 79 percent, and set a March 2027 target of Rs 675 at 35 times FY28 estimated P/E.