SBI Funds Management gets highest applications for any IPO this year, sees Rs 2.98 lakh crore investor rush

SBI Funds Management IPO received the highest investor applications of any IPO this year, with overall subscription of nearly 42 times and total investor money of about Rs 2.98 lakh crore. The QIB portion was subscribed 140.11 times, NII 22.51 times, and retail 3.59 times, with a grey market premium of around 17 percent hinting at a double-digit listing gain. The Rs 9,812.91 crore issue is a complete offer for sale by promoters State Bank of India and Amundi, with SBI Funds Management being India's largest AMC holding 15.3 percent market share and Rs 12.5 lakh crore in mutual fund QAAUM.