SBI Funds Management shares debut 7% above IPO price after $1 billion listing

SBI Funds Management, India's largest asset management firm, made a subdued stock market debut with shares listing at a 7% premium after its $1 billion IPO attracted bids worth $31 billion. Despite the massive oversubscription, the first-day performance was considered muted by market observers. SBI Funds Management is a subsidiary of India's State Bank of India.