Market Bizzz

SBI Funds Management, India’s largest mutual fund house, has secured SEBI’s nod for its upcoming Initial Public Offering, expected to launch early in July. The public issue will be an Offer for Sale, with existing shareholders State Bank of India and Amundi India divesting a portion of their stakes. This move signals a significant step for the joint venture, positioning it for broader market participation.

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SpaceX shares saw a sharp decline on Thursday, following a strong initial public offering. This dip comes as investors evaluate the company’s ambitious AI expansion plans, including a major acquisition. The post-IPO excitement has cooled, leading to profit-taking. Other US space companies also experienced stock drops. SpaceX is preparing for a substantial bond offering to fund its growth.

The Mukesh Ambani-led company has scheduled its 49th AGM today at 2 pm via video conferencing and other audio-visual means. Investors eagerly await updates on the much-awaited Jio Platforms IPO, retail expansion strategy and progress in its new energy business.

If the grey market trend holds through listing, the stock could open with gains in that range, continuing the trend of strong debuts seen across recent SME issues in the wires and cables space.

The grey market premium (GMP) for the issue stood at 36% ahead of the opening, implying an unofficial market price of around Rs 283 against the upper end of the issue band, a premium of roughly Rs 75 per share. A GMP of this magnitude points to strong pre-listing demand and suggests investors are pricing in a healthy listing-day gain, a sharp contrast to the muted grey market activity seen in several other SME issues opening this week.

The grey market premium (GMP) for the issue stood at zero ahead of the opening, indicating that unofficial market activity is pricing the stock in line with the upper end of its issue band, with no listing pop currently being anticipated by grey market participants.

The IPO is being offered in a price band of Rs 193-203 per share. At the upper end of the band, the company is valued at around Rs 417.6 crore.

The allotment is expected to be finalised on June 22, while the shares are scheduled to list on the BSE SME platform on June 24.

The shares of Tata Technologies on Thursday will turn ex-record date for a special dividend of Rs 3.35 per share and a final dividend of Rs 8.35 per share, aggregating to Rs 11.70 per equity share for the financial year which ended on March 31, 2026, subject to tax.