India's SBI Funds Management sees shares surge nearly 9% on first day of trading after completing a $1.03 billion IPO

格隆汇 July 21｜SBI Fund Management Company’s share price soared 8.8% on its market debut Tuesday, making it the second-largest asset management company in India by market capitalization, as investors are optimistic about the prospects of the country’s $853 billion asset management industry. The stock once climbed to 624.3 rupees, bringing the company’s market capitalization to 1.26 trillion rupees ($13.08 billion). Peer companies ICICI Prudential Asset Management and HDFC Asset Management have market capitalizations of 1.54 trillion rupees and 1.13 trillion rupees, respectively. SBI Fund Management Company is a joint venture established by State Bank of India, India's largest lender, and AXA, Europe’s largest asset manager. As of March 2026, its assets under management reached 12.5 trillion rupees, making it the largest asset management company in India.