SBI Funds rises 6.2% in Mumbai debut, market value nears $12.9 billion

SBI Funds Management, India’s largest asset manager, ended its first trading day in Mumbai with a 6.2% gain after listing on July 21, according to BlockBeats citing Bitget market data. The stock closed at 609.75 rupees, giving the company a market capitalization of 1.24 trillion rupees, or about $12.89 billion. That placed it as India’s second-largest listed fund management company, behind ICICI Prudential Asset Management. The company’s initial public offering raised $1.03 billion, making it the largest IPO in India so far this year. The deal drew about $31 billion in subscriptions last week. Cornerstone investors included BlackRock and sovereign wealth funds from Singapore, Abu Dhabi, and Norway, which together invested about $278.5 million. SBI Funds is a joint venture between State Bank of India, the country’s largest bank, and Amundi, Europe’s largest asset manager. As of March 2026, the firm had 12.5 trillion rupees in assets under management.