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SBI Funds Management's IPO Oversubscribed by 42 Times on Final Day

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The initial public offering of SBI Funds Management was oversubscribed 41.66 times on its final day of bidding, according to data from the National Stock Exchange of India on Thursday.

The fund is a joint venture between State Bank of India (NSE:SBIN, BOM:500112) and French asset manager Amundi.

The IPO received bids for 5.19 billion shares against the 124.6 million shares on offer, the data showed.

The Qualified Institutional Buyers segment led the demand, with subscriptions of 140.1 times, while the Non-Institutional Investors portion was subscribed 22.5 times. The retail individual investors category was subscribed 3.6 times.

The IPO opened on July 14 and closed on Thursday, with shares expected to begin trading on July 21. It features a price band of 545 Indian rupees to 574 rupees per equity share.

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