The Initial Public Offering (IPO) of SBI Funds Management, the largest asset management company in India by Assets Under Management (AUM), garnered significant investor interest. The offering was fully subscribed on the second day of trading, Wednesday, July 15, 2026.
The issue, valued at ₹9,812.91 crore, which began on July 14, attracted applications for 161,241,418 shares against 124,563,536 shares offered for sale. According to NSE data, the total subscription reached 1.29 times by 12:00 PM on Wednesday.
Non-Institutional Investors (NIIs) demonstrated the highest demand, subscribing three times their allocated quota. Retail Individual Investors (RIIs) also showed good interest, subscribing at 1.05 times. Meanwhile, Qualified Institutional Buyers (QIBs) showed moderate interest, taking only 6 percent of their allocated share, as shown by NSE.
Harshal Dasani, Head of PMS at INVAsset PMS, remains optimistic about the IPO. He noted that the company manages mutual funds worth ₹12.51 lakh crore with a market share of 15.3 percent, dominates the PMS segment with a 39.7 percent share, managing ₹16.47 lakh crore in advisory mandates, and holds ₹4.05 lakh crore in passive ETF assets.
Dasani stated that at a valuation of 36–38 times FY26 earnings, the IPO is priced below the average of listed peers at 42 times. He believes this discount is justified by the lower revenue yield of 35 basis points, reflecting the predominantly passive nature of the business rather than franchise weakness. In his view, the company is a natural beneficiary of the long-term shift towards institutional and passive assets in Indian household savings, and the entry multiple leaves room for long-term growth as SIP flows normalize and the active equity portfolio improves. He called the offering a quality deal for the franchise at a reasonable price.
Brokerage firms, including Anand Rathi Research Team, Swastika Investmart, Arihant Capital, and Kantilal Chhaganlal Securities, also supported a positive outlook on the IPO, citing SBI Funds Management's leading position in the mutual fund industry, strong distribution network supported by SBI, robust profitability, and high operating margins.
The IPO is a fully offered Offer For Sale (OFS) of 171 million equity shares from promoters State Bank of India (SBI) and Amundi India Holding. The public offering was priced in the range of ₹545 to ₹574, with a lot size of 26 shares. The sale will remain open for subscription until July 16, 2026. Investors can apply for a minimum of 26 shares and multiples thereof.
At the upper price limit of ₹574 per share, a retail investor would require ₹14,924 to purchase one lot. A maximum investor can apply for 13 lots, or 338 shares, requiring an investment of ₹1,94,012. Shares are expected to be listed on stock exchanges on July 21, 2026, provided the IPO process is completed.
KFin Technologies acts as the registrar for the issue, and the lead managers are Kotak Mahindra Capital Company, Axis Capital, BofA Securities India, HSBC Securities and Capital Markets (India), ICICI Securities, Jefferies India, JM Financial, Motilal Oswal Investment Advisors, and SBI Capital Markets. Since the issue is entirely an OFS, SBI Funds Management will not receive proceeds from the sale of shares; the proceeds will go to the sellers after deducting related issuance expenses and applicable taxes.
In Udupi, gardener Joseph Lobo cultivates the famous Miyaji mango, which can bring in income of up to 3 lakh per kilogram. Although he always wanted to farm, a family dispute over land prevented him from starting.
Instead of giving up, he decided to use his terrace, turning it into his dream garden. By acquiring new knowledge through YouTube videos and conducting numerous experiments, Joseph gradually filled his terrace with fruit trees, flowering plants, and vegetables, proving that realizing a hobby requires space, not vast fields.
Today, his rooftop hosts over 200 types of plants, including mummy fruits, chikoo, and mango, as well as 32 jasmine plants, three of which are grown using hydroponics. After successfully growing several rare fruits, he decided to try something even more unusual—the Miyaji mango, despite knowing the difficulty of growing it in India.
The Miyaji tree finally bore fruit after three and a half years. Initially, Joseph and his family simply enjoyed the mango they had waited so long for. The truth about the immense value of these fruits was only revealed after a guest visited his garden. According to the gardener, it was a reporter from a news publication who covered his terrace farm and learned about the mango's value.
The gardener fertilizes his plants with homemade fertilizer made from cow dung, sheep manure, yogurt, and food waste. To combat pests, he avoids chemicals, instead using neem oil. Despite the astonishing cost, Joseph does not intend to sell the mango, stating that it is intended for his family and friends. Instead, he shares grafted saplings with other gardeners.
Following the enactment of the renovation law, one of the most important issues is housing valuation, as the size of the compensation received by the owner directly depends on this assessment.
According to current regulations, real estate valuation must be carried out by a specialized appraisal organization that possesses the appropriate rights under the law. It is important that the appraiser has no vested interest in the final result, and that the methodology used is completely transparent and understandable to the homeowner.
A whole set of parameters is taken into account when determining the value. Among them are the object's location, its total and living area, the year the building was constructed, its current technical condition, the degree of landscaping, and the quality of the renovation. The legal status of the property, market prices for similar objects, as well as the level of local infrastructure development and the transport accessibility of the area are also considered.
In addition to receiving the final monetary amount, the homeowner has a legal right to study the valuation process itself and request all necessary clarifications. The official report must present not only the final value of the object but also a detailed explanation of how it was calculated, including a list of objects used for comparison, as well as the justification for all applied adjustments.
The Republic of Kyrgyzstan has temporarily banned the export of petroleum products to ensure the stable functioning of the domestic market.
According to the statement, this restriction applies to gasoline, diesel fuel, and other types of fuel. However, the decision does not affect crude oil, fuel oil, or heating fuel.
The decree states that the ban will remain in effect until the domestic market is saturated or a common oil market is formed within the Eurasian Economic Union (EAEU).
It is reported that this ban previously applied to shipments outside the customs territory of the EAEU. The Russian Federation was the main supplier of fuel to Kyrgyzstan. Currently, the Russian Federation is facing a fuel crisis due to the Ukrainian conflict.
