SBI Funds Management IPO: Shares list at 7% premium, but target prices go up to Rs 750. Time to buy?

SBI Funds Management shares listed at Rs 610 on the BSE, a 6.27% premium to the IPO price of Rs 574, giving the company a market capitalisation of Rs 1.24 lakh crore at debut. The Rs 9,795 crore IPO, entirely an offer for sale by SBI and Amundi, was subscribed nearly 42 times with QIBs bidding over 140 times their quota. Brokerages Emkay (Buy, Rs 750 target, 31% upside) and Equirus (Long, Rs 675 March 2027 target, 18% upside) have initiated coverage citing strong distribution, scale, and India's financialisation tailwinds.