Years of employee ownership at SBI Funds Management have translated into significant wealth creation as the asset management company made its stock market debut.
The company’s shares listed at a premium over the IPO issue price of ₹574 per share. The stock opened at ₹610 on the BSE, marking a gain of around 6.27%, while it debuted at ₹613.30 on the NSE.
Along with investor interest, the listing also highlighted the value created through the company’s Employee Stock Option Plan (ESOP), with several senior employees holding shares worth crores.
According to the company’s prospectus, 13 employees hold vested equity stakes valued at over ₹1 crore based on the IPO price.
Senior Executives See Significant Wealth Creation
Deputy Managing Director Devinder Pal Singh emerged as the largest employee shareholder, with his vested shares valued at approximately ₹121 crore at the IPO price. His unvested stock options could add further value if exercised in the future.
Chief Investment Officer Srinivasan Rama Iyer holds vested shares estimated at around ₹105 crore, along with additional unvested options.
Other senior executives with substantial holdings include:
- Chief of Strategy, Digital & Technology and Head of Investor Relations Srinivas Jain, shares valued at nearly ₹59 crore
- Chief Investment Officer – Fixed Income Rajeev Radhakrishnan, holdings worth around ₹36 crore
- Chief Risk Officer Aparna Nirgude, holdings worth approximately ₹31 crore
- Chief Compliance Officer, Company Secretary and Head of Legal Vinaya Datar, holdings worth around ₹21 crore
Several leaders across finance, technology, human resources and fund management also hold vested shares valued above ₹1 crore.
ESOP Programme Rewards Long-Term Association
The company’s ESOP programme, introduced in 2018 and revised later, provided employees with stock options at exercise prices ranging from around ₹39 to ₹455 per share.
With the IPO price set at ₹574, employees who stayed with the organisation during its growth phase saw substantial appreciation in the value of their stock options.
The IPO received demand from investors. Before the issue opened, SBI Funds Management raised around ₹2,663 crore from anchor investors, with participation from several global institutions.
The IPO was subscribed nearly 42 times during the three-day subscription period. Qualified institutional buyers showed strong interest, with their portion receiving bids multiple times higher than the available shares. Retail investors also participated, with the retail portion seeing healthy subscription.
Source: Times of India
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