State Bank of India (SBI) Chairman C.S. Setty stated that there are no intentions to reduce the bank’s stake in SBI Funds Management after the company’s stock market debut. The listing was designed to allow retail investors to engage in the company’s growth. Setty emphasized that the listing is part of SBI’s strategy to enhance long-term value in its subsidiaries and increase retail participation in quality businesses.
Setty mentioned that SBI has invested approximately Rs 6,000 crore in SBI Funds Management, playing a crucial role in the company’s growth and successful listing. He highlighted the strong governance standards adopted by SBI Funds Management even before becoming a listed entity, with governance further reinforced through the partnership with French asset management firm Amundi.
The SBI Chairman stressed the significance of consistent returns, noting that the company’s value proposition extends beyond individual scheme performance, although maintaining robust fund performance remains pivotal to the SBI Funds brand. Looking forward, Setty revealed plans for SBI Funds Management to enhance its presence in B30 cities, aiming to promote financial inclusion and expand its investor base.
Following the IPO, SBI Funds Management shares were listed at Rs 613.30 each on the National Stock Exchange (NSE), surpassing the IPO price of Rs 574 per share. The company’s initial public offering (IPO) of Rs 9,812.91 crore, open for subscription from July 14 to July 16, was oversubscribed by 41.66 times.
