SBI Funds Management IPO Day 2: GMP signals 16% listing gain, subscription gains momentum. Should you subscribe?

SBI Funds Management's approximately Rs 9,813 crore IPO, structured entirely as an Offer for Sale by State Bank of India and Amundi, was 68% subscribed on day 1 with the retail portion at 62% and NIIs at 1.39 times. Grey market premium of about Rs 88 per share signals a potential 16% listing gain over the upper price band of Rs 574. Brokerages Nirmal Bang and Anand Rathi have recommended subscribing, citing SBI Mutual Fund's market leadership with a 15.3% share and Rs 12.5 lakh crore in quarterly average AUM.