The listing represents the beginning of a new chapter in the company’s three-decade journey of serving investors and creating long-term wealth through disciplined investing.

The IPO received an overwhelming response from retail, wealth and institutional investors, and was subscribed ~42 times, reflecting confidence in SBI Funds’ business model, governance standards, investment capabilities and long-term growth prospects, the firm said in a statement. The participation from domestic and international institutional investors, retail investors, shareholders of State Bank of India (SBI) and employees of SBI and SBI Funds underscores the confidence of the investment community in both SBI Funds and India’s long-term economic growth story.

“The listing of SBI Funds Management marks a defining milestone in the company’s journey and reflects the trust that millions of investors have placed in us over the years,” Shri Challa Sreenivasulu Setty, chairman, State Bank of India, and chairman and non-executive director, SBI Funds Management, said. “We are deeply grateful for the overwhelming confidence shown by investors across all categories.”

“As a listed company, SBI Funds enters a new phase of responsibility and accountability. Guided by the highest standards of governance and transparency, we remain committed to creating long-term value for our shareholders while helping millions of Indians achieve their financial aspirations through disciplined investing,” the firm continued.

“The successful listing of SBI Funds Management is a remarkable achievement for the company, a clear illustration of the depth and dynamism of India’s capital markets, and a powerful illustration of the strength and relevance of our long-standing partnership with SBI,” Valérie Baudson, chief executive officer of Amundi, added.

“Together, State Bank of India and Amundi have built the leading asset management platform in India, combining SBI’s distribution strength with Amundi’s global expertise in asset management and its international perspective,” Baudson said.

“Over the years, SBIFM has established market positions across many segments of the Indian asset management industry. It has built a highly recognised brand and is well positioned to capture opportunities arising from rising household savings and the increasing shift towards financial assets in one of the world’s most promising savings and investment markets.

“As long-term shareholders, we are fully committed to contributing to this growth, and our partnership with SBI will remain central to the future development of SBI Funds Management Ltd,” Baudson added.