SBI Fund Management IPO draws $30.7 billion in bids

SBI Fund Management, India’s largest public market offering this year, attracted bids worth 2.97 trillion rupees, or about $30.7 billion. The company is a joint venture between State Bank of India and Amundi Group and is aiming to raise 97.9 billion rupees, roughly $1 billion. The IPO was oversubscribed 41.6 times, with the strongest demand coming from qualified institutional buyers. Institutional investors, including banks and insurance companies, subscribed about 140 times to their reserved portion, while retail participation was more modest. The strong response comes as India looks ahead to more large listings later in 2026, including the National Stock Exchange and Jio Platforms. The market has been weak this year, but investors are watching whether successful listings can renew momentum for new issues.