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The Economic Times
The Economic Times
Veer Sharma

SBI Funds Management shares fall below IPO price, but brokerages remain bullish. Time to buy?

SBI SBI Funds SBI Funds Management IPO Citi Equirus India Emkay AMC SBI Bank

Shares of newly listed SBI Funds Management fell 1% to Rs 572 on the BSE on Friday, declining for the second consecutive session and trading below the IPO price of Rs 574. Brokerages, however, remain optimistic about the stock.

The company, India's largest AMC by QAAUM, had made its stock market debut at a 7% premium on July 21. The Rs 9,813-crore public issue received strong investor demand and was subscribed 41.66 times overall. Institutional investors drove the response, with the Qualified Institutional Buyers (QIB) portion subscribing an impressive 140.11 times.

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