SBI Funds Management listing makes some employees crorepatis; stock debuts at 7% premium to IPO price

SBI Funds Management listed at a 7% premium, opening at Rs 610 on BSE and Rs 613.30 on NSE, against IPO price of Rs 574.

At least 13 employees became crorepatis, with vested shares valued over Rs 1 crore each at IPO price.

Deputy Managing Director Devinder Pal Singh holds the largest stake, worth about Rs 121 crore from 21.14 lakh vested shares.

Chief Investment Officer Srinivasa Rama Iyer's vested shares are valued at around Rs 105 crore, with additional unvested options worth Rs 51 crore.

The ESOP program, with exercise prices from Rs 39 to Rs 455, generated significant wealth for long-standing employees at the IPO price of Rs 574.