SBI Funds Management IPO fully Subscribed on Day 2; Check Status, GMP and More

On Wednesday, the second day of bidding, SBI Funds Management Ltd.’s initial public offering was fully subscribed, with a subscription rate of 2.77 at the end of the day, according to reports. According to NSE statistics, the Rs. 9,812.91 crore IPO received bids for 34,54,27,290 shares compared to the 12,45,63,536 shares on offer, representing a 2.77 times subscription.

On Day 2 of SBI Funds Management Ltd.’s Rs. 9,795 crore IPO, which opened for public subscription on July 14 and will close on July 16.

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Day 2 Subscription Status and GMP

Subscription for the retail investors quota was 1.61 times higher, while it was 6.58 times higher for the non-institutional investors category. The portion set aside for QIBs was subscribed 1.50 times, reports PTI.

As of July 15, at 3:30 pm, SBI Funds Management’s grey market premium (GMP) is Rs. 91, according to reports.

On Tuesday, the first day of bidding, SBI Funds Management Ltd.’s initial public offering received 68% of the subscription. The retail investor portion got subscribed 62%, compared to 1.39 times the subscription in the non-institutional investor category. 8% of subscribers were QIBs (Qualified Institutional Buyers).

(Disclaimer: Given the input is on an information basis, please seek professional advice.)