SBI Funds reduces IPO size to Rs 9,812 crore after pre-offer placement. Will it impact listing gains?

SBI Funds Management IPO size was reduced to Rs 9,812 crore after a pre-IPO placement of 1.42% equity at Rs 574 per share, the upper end of the price band, to investors including PI Opportunities Fund-II, Akash Bhanshali, 3P India Equity Fund, Malabar India Fund and Tata AIG General Insurance. The IPO remains a pure OFS with no fresh capital raised, and shares are set to list on BSE and NSE on July 21, with a grey market premium of around 15%. Institutional buying at the top of the price band signals valuation comfort, while the reduced issue size may support subscription strength and listing gains.