SBI Funds Management is fresh off a blockbuster IPO.

The country’s largest asset manager, which lists on the bourses today, saw investors bid 41X for its Rs 9,800 crore ($1 billion) offer-for-sale issue earlier in July. If the grey-market punters are right, the stock should debut at Rs 670, about a 17% premium over its IPO price.

That’s a great exit point for SBI Funds’ backers—the State Bank of India and Amundi, Europe’s largest asset manager. But for investors looking to buy the listed stock, the euphoria may not last........

© The Ken