SBI Funds Soars 6.2% on First Day of Trading, Market Value Reaches $12.89 Billion

India's largest asset management company, SBI Funds Management, made its debut on the Bombay Stock Exchange on July 21, closing up 6.2% at a price of ₹609.75. The company achieved a market capitalization of ₹1.24 trillion, approximately $12.89 billion, making it the second-largest listed fund management company in India, following ICICI Prudential Asset Management. The IPO raised $1.03 billion, marking the largest IPO in India this year, with subscriptions totaling around $31 billion last week. The cornerstone investors include BlackRock and sovereign wealth funds from Singapore, Abu Dhabi, and Norway, contributing a total of approximately $278.5 million. SBI Funds is a joint venture between India's largest bank, State Bank of India, and Europe's largest asset management company, Amundi, with assets under management expected to reach ₹12.5 trillion by March 2026.

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