The SBI Funds Management anchor lock-in ends on 15 October 2026, when the 90-day period on the remaining anchor shares runs out. The 129 anchors had put in ₹2,663.02 crore at ₹574 a share before the ₹9,795.31 crore issue opened in July.
What exactly unlocks on 15 October?
Anchor investors are large institutions that bid a day before an IPO opens. SEBI's rules lock in half of their shares for 30 days and the other half for 90 days, counted from the date of allotment. SBI Funds Management allotted shares on 17 July 2026. The first half became free in August. The second half becomes free to trade on 15 October.
Free to trade is not the same as will be sold. Many anchors, especially mutual funds and insurers, hold for years. The lock-in only removes the bar on selling.
Key numbers
| Item | Figure |
|---|---|
| Issue size | ₹9,795.31 crore, 100% offer for sale |
| Issue price | ₹574 |
| Anchor money | ₹2,663.02 crore |
| Anchor investors | 129, across 69 fund houses |
| Anchor shares (our arithmetic) | about 4.64 crore at ₹574 |
| Allotment date | 17 July 2026 |
| Listing date | 21 July 2026 |
| Lock-in on remaining shares ends | 15 October 2026 |
The anchor book was about 27% of the issue. It was a pure offer for sale by State Bank of India and Amundi India Holding, so the company itself received nothing from the sale.
Who the anchors were
The anchor book was spread over 129 investors, which is a wide base for an issue of this size. Mutual funds, insurers and foreign funds usually fill such books. A wide base also means any selling would be spread across many hands, not one large block. We list every anchor scheme on the IPO page.
What our data shows
At ₹9,795.31 crore, SBI Funds Management is the second largest mainboard IPO of 2026 on our records. It was subscribed 41.66x, with QIBs at 140.11x, against a median of 24.96x across 99 closed issues this year. Of the 100 mainboard IPOs listed in 2026, 66 opened above the issue price, and this one opened at ₹613.30, 6.85% higher. Our tracker showed the grey market at ₹95.50 on listing eve, so the open came in well below that quote.
What happens next
The lock-in ends before trading begins on 15 October. Exchanges publish bulk and block deals at the end of each day, which is where any large anchor sale would show up. Check the SBI Funds Management IPO page for the anchor list and subscription split. We covered the build-up to the issue in our May report on the roadshows, and the IPO performance table shows how this year's listings have fared.
