SBI Funds Management IPO subscribed 0.71x on Day 1; NII portion leads demand, GMP signals 16% listing premium

SBI Funds Management's IPO was subscribed 0.71 times on Day 1, with the NII portion leading demand at 1.40 times and the employee portion fully subscribed. The entire ₹9,795 crore issue is an Offer for Sale by State Bank of India (divesting 6.3%) and Amundi (divesting 3.7%) at a price band of ₹545-575 per share. Grey market premium stood at about ₹92, signaling an estimated listing price of around ₹666, implying nearly 16% listing premium.