SBI Funds Management IPO Day 1: Issue subscribed 35% so far; GMP at 16%. Should you bid?

SBI Funds Management IPO opened with 35 percent overall subscription on Day 1, led by Non-Institutional Investors at 55 percent and Retail Individual Investors at 37 percent. The grey market premium stands at around 16 percent or Rs 92 over the upper price band of Rs 574, implying a listing price of around Rs 666. The entirely Offer for Sale of 17.10 crore shares at a price band of Rs 545-574 aggregates to about Rs 9,813 crore, with State Bank of India and Amundi being the selling shareholders. Brokerages Nirmal Bang and Anand Rathi both recommended Subscribe, citing market leadership, distribution strength, and retail investor base.