The country’s largest asset manager made a strong debut on Dalal Street on Tuesday. The stock listed at ₹610 on the BSE, a premium of 6.27% over its issue price, while it opened at ₹613.30 on the NSE, delivering a listing gain of around 7%.
Which SBI Funds employee made how much in IPO?Devinder Pal Singh | Joint Chief Executive Officer
Devinder Pal Singh is the biggest beneficiary of SBI Funds Management’s IPO. He holds 21.14 lakh vested shares, valued at approximately ₹121.34 crore (21,14,004 × ₹574). In addition, he has 5.19 lakh unvested ESOPs, which could be worth around ₹29.81 crore if they vest and are exercised at the IPO price.
Srinivasan Rama Iyer | Chief Investment Officer (Equity)
Srinivasan Rama Iyer owns 18.25 lakh vested shares, translating to a value of about ₹104.74 crore at the IPO price (18,24,728 × ₹574). He also has 8.95 lakh unvested ESOPs, which have an indicative value of around ₹51.36 crore.
Srinivas Jain | Chief of Strategy, Digital & Technology and Head of Investor Relations
Srinivas Jain holds 10.19 lakh vested shares, valued at approximately ₹58.50 crore (10,19,236 × ₹574). Besides these, he owns 1.71 lakh unvested ESOPs, which are worth around ₹9.80 crore based on the IPO price.
Rajeev Radhakrishnan | Chief Investment Officer – Fixed Income
Rajeev Radhakrishnan has 6.26 lakh vested shares, valued at around ₹35.94 crore. He also holds 12.20 lakh unvested ESOPs, which could be worth approximately ₹70.03 crore if exercised.
Aparna Nirgude | Chief Risk Officer
Aparna Nirgude owns 5.43 lakh vested shares, giving her holdings a value of around ₹31.18 crore. She also has 61,720 unvested ESOPs, currently valued at about ₹3.54 crore.
Vinaya Datar | Chief Compliance Officer, Company Secretary and Head of Legal
Vinaya Datar holds 3.59 lakh vested shares, valued at approximately ₹20.63 crore. Her 2.12 lakh unvested ESOPs carry an indicative value of around ₹12.17 crore.
Mohan Lal | Fund Manager – Alternatives
Mohan Lal owns 1.22 lakh vested shares, which are worth around ₹7.02 crore. He also has 1.88 lakh unvested ESOPs, valued at approximately ₹10.79 crore.
Inderjeet Ghuliani | Chief Financial Officer
Inderjeet Ghuliani holds 53,600 vested shares, valued at around ₹3.08 crore. His 94,000 unvested ESOPs have an estimated value of about ₹5.40 crore.
Mahesh Chhabria | Fund Manager, Corporate Debt Market Development Fund (CDMDF)
Mahesh Chhabria owns 69,416 vested shares, translating to a value of approximately ₹3.98 crore. He also has 500 unvested ESOPs, worth about ₹3 lakh at the IPO price.
Rajat Grover | Chief Human Resources Officer and Head of Corporate Social Responsibility
Rajat Grover holds 49,200 vested shares, valued at around ₹2.82 crore. His 2.30 lakh unvested ESOPs have an indicative value of approximately ₹13.19 crore.
Sanjay Pugaonkar | Chief Information Security Officer
Sanjay Pugaonkar owns 21,080 vested shares, valued at around ₹1.21 crore. He also has 29,800 unvested ESOPs, which could be worth about ₹1.71 crore.
Ramakrishna Balasubramanian | Chief Operating Officer
Ramakrishna Balasubramanian holds 13,200 vested shares, worth approximately ₹76 lakh (13,200 × ₹574). He also has 66,800 unvested ESOPs, carrying an indicative value of around ₹3.83 crore.
Sundeep Nigudkar, Head, Portfolio Management Service – Institutional Investments
He owns 2,500 vested shares, valued at around ₹14 lakh. In addition, he has 60,000 unvested ESOPs, which are worth approximately ₹3.44 crore at the IPO price.
How the ESOP programme created wealth
The windfall stems from SBI Funds Management’s employee stock ownership programme, first introduced in 2018 and later revised. Under the scheme, employees received stock options at exercise prices ranging from around ₹39 to ₹455 per share. With the IPO priced at Rs 574, those who remained with the company through its growth phase have unlocked significant gains, while several continue to hold unvested options that could further increase their wealth.
Strong investor demand ahead of listing
The listing follows strong investor interest in the public issue. Ahead of the IPO, SBI Funds raised nearly ₹2,663 crore from 129 marquee investors, including BlackRock and Goldman Sachs, and also completed a pre-IPO placement worth around ₹1,880 crore.
The IPO was subscribed nearly 42 times during the July 14–16 bidding period. Qualified institutional buyers led the 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.
