SBI Funds Management's stock market debut has turned years of employee stock ownership into substantial wealth, with 13 employees holding vested equity worth more than Rs 1 crore each at the IPO price of Rs 574 per share, according to the company's prospectus.
The country's largest asset manager made a strong debut on Dalal Street on Tuesday. The stock listed at Rs 610 on the BSE, a premium of 6.27% over its issue price, while it opened at Rs 613.30 on the NSE, delivering a listing gain of about 7%.
The biggest beneficiary of the company's employee stock ownership programme is Deputy Managing Director Devinder Pal Singh, whose 21.14 lakh vested shares are valued at around Rs 121 crore at the IPO price, the prospectus showed. Singh also holds unvested stock options that could be worth nearly Rs 30 crore if exercised in the future.
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Chief Investment Officer Srinivasan Rama Iyer follows closely with vested shares worth about Rs 105 crore. His remaining unvested options have an indicative value of nearly Rs 51 crore based on the IPO price, according to the prospectus.
Several other senior executives are also sitting on sizeable gains. Chief of Strategy, Digital & Technology and Head of Investor Relations Srinivas Jain holds vested shares worth nearly Rs 59 crore, while Chief Investment Officer- Fixed Income Rajeev Radhakrishnan has holdings valued at around Rs 36 crore.
Chief Risk Officer Aparna Nirgude owns vested shares worth about Rs 31 crore, and Chief Compliance Officer, Company Secretary and Head of Legal Vinaya Datar holds stock valued at approximately Rs 21 crore.
The list of employee crorepatis also includes Chief Financial Officer Inderjeet Ghuliani, Chief Human Resources Officer Rajat Grover, Chief Information Security Officer Sanjay Pugaonkar, and fund managers Mohan Lal and Mahesh Chhabria, each with vested equity worth more than Rs 1 crore at the offer price.
The wealth creation reflects the success of SBI Funds' long-term ESOP programme, first introduced in 2018 and subsequently amended. The scheme granted stock options at exercise prices ranging from about Rs 39 to Rs 455 per share. With the IPO priced at Rs 574, employees who stayed with the company through its growth phase have unlocked significant gains.
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The listing follows strong investor interest in the public issue. Ahead of the IPO, SBI Funds raised nearly Rs 2,663 crore from 129 anchor investors, including BlackRock and Goldman Sachs. The company had also completed a pre-IPO placement worth around Rs 1,880 crore.
The IPO was subscribed nearly 42 times during the July 14-16 bidding period. Qualified Institutional Buyers (QIBs) led demand with subscriptions of about 140 times, while the non-institutional investor portion was subscribed 22.51 times. The retail investor category saw subscriptions of 3.6 times.
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