Adia-anchored SBI Funds becomes fourth-most-subscribed IPO

SBI Funds Management’s INR 98 bn (USD 1.03 bn) IPO drew INR 3 tn (USD 31.1 bn) in bids, with Abu Dhabi Investment Authority (Adia) among the anchor investors, Reuters reports. The issue closed on Thursday and became India’s fourth-most-bid IPO in history, giving a boost to India’s IPO market after a slower first half.

Who led the demand? Institutional investors drove the book, bidding for about USD 25 bn worth of shares. The institutional portion was subscribed 140 times, while the retail book was subscribed 3.6 times and the SBI shareholder portion 9.5 times.

The IPO raised USD 278.5 mn from anchor investors, including BlackRock and SWFs of Singapore, Abu Dhabi, and Norway.

What investors bought into: SBI Funds Management is India’s largest asset manager, with INR 12.5 tn (USD 131 bn) in mutual fund assets as of March 2026 and around 15% market share, according to Financial Times. The company is a joint venture between State Bank of India (SBI), India’s largest public-sector lender, and French asset manager Amundi.

Why it matters: The bid book gives India’s IPO market a stronger second-half test after IPO fundraising slowed to nearly USD 4 bn so far this year from USD 21.8 bn last year. Investors are now watching upcoming listings including Reliance Industries’ digital unit Jio Platforms and the National Stock Exchange of India.