Daijiworld Media Network – Mumbai

Mumbai, Jul 22: Shares of SBI Funds Management declined more than four per cent on Wednesday, a day after the asset management company's stock made a strong debut on the stock exchanges with a premium of over six per cent.

The stock opened at Rs 606.30 on the BSE, lower than its previous closing price of Rs 609.90, and later fell to an intraday low of Rs 585.10, marking a decline of over four per cent. During afternoon trade, the stock was quoted at Rs 590.85, down 3.12 per cent, taking the company's market capitalisation to around Rs 1.20 lakh crore.

On its listing day on Tuesday, the stock had debuted at Rs 610 on the BSE, a premium of 6.27 per cent over its issue price of Rs 574, and touched an intraday high of Rs 625 before closing at Rs 609.90.

On the NSE, the shares listed at Rs 613.30, reflecting a premium of 6.84 per cent, and settled at Rs 609.75, up 6.22 per cent from the issue price.

Following its listing, SBI Funds Management became the second most valuable listed asset management company (AMC) in India, with a market valuation exceeding Rs 1.24 lakh crore.

The company's Rs 9,812.91-crore initial public offering (IPO) received a robust response from investors, with the issue being subscribed 41.66 times on the final day of bidding.

The IPO, priced in the band of Rs 545-574 per share, comprised entirely an offer-for-sale (OFS) of up to 17.09 crore equity shares by existing shareholders State Bank of India (SBI) and global asset manager Amundi.

Established in 1987, SBI Funds Management is India's largest asset management company by quarterly average assets under management (QAAUM), managing Rs 12.51 lakh crore in mutual fund assets with a 15.3 per cent market share as of March 31, 2026.

Ahead of the public issue, the company had raised Rs 2,663 crore from anchor investors, with strong participation from both domestic and global institutional investors.