SBI Funds Management shares fall below IPO price, but brokerages remain bullish. Time to buy?

Shares of SBI Funds Management, India's largest AMC, have slipped below their Rs 574 IPO issue price despite the Rs 9,813-crore public issue being subscribed 41.66 times. Equirus Securities has initiated coverage with a 'Long' rating and Rs 675 target, while Emkay Global has a 'Buy' rating with Rs 750 target, implying up to 30% upside. The brokerages cite the company's strong parentage through SBI's 23,000-plus branches, 16.2 million live SIPs and FY26 PAT of Rs 3,053 crore with margins around 70%.