Investors bid 3 trillion rupees ($31.14 billion) for the $1.03 billion SBI Funds Management initial public offering.
The market subscribed to the issue 41.66 times by the final bidding day.
Institutional investors drove the surge, subscribing to their allocated portion 140 times.
Parent companies State Bank of India and Amundi sold shares through an entirely offer-for-sale structure.
The IPO signals robust investor appetite for quality financial franchises ahead of major 2026 listings.