SBI Funds Management stock rises 6.9% in first trading day after huge investor demand

SBI Funds Management shares rose 6.9% on July 21 in their first trading day. The company sold stock at ₹574 per share — the top of its asking range — raising $1.03 billion. Investors bid $31 billion, about 30 times what was on offer. The small gain suggests the high asking price already reflected most of that excitement.