SBI Funds Management IPO Day 3: Subscription remains strong; GMP signals 16% upside

SBI Funds Management IPO continued to see strong demand, subscribed 2.77 times on Day 2 against the 12.45 crore shares on offer, with NIIs leading at 6.58 times subscription and QIBs at 1.50 times. The issue is a pure Offer for Sale of 17.10 crore shares at a price band of Rs 545-574, expected to raise around Rs 9,813 crore. Grey Market Premium stands at about Rs 92 per share, implying a 16 percent listing gain over the upper price band; both Nirmal Bang and Anand Rathi have assigned Subscribe ratings.