The listing of SBI Funds Management has created substantial wealth for several employees, with at least 13 executives holding equity stakes worth more than Rs 1 crore through the company’s employee stock ownership plan (ESOP).
The asset-management company made a strong stock market debut, listing at a premium of over six per cent to its issue price of Rs 574 per share. The stock opened at Rs 610 on the BSE and Rs 613.30 on the NSE, boosting the value of employee shareholdings accumulated over the years.
Devinder Pal Singh, deputy managing director, emerged as the biggest beneficiary, with vested shares valued at around Rs 121 crore at the IPO price. He also holds unvested stock options that could be worth nearly Rs 30 crore upon vesting. Chief Investment Officer Srinivasan Rama Iyer follows with vested holdings valued at approximately Rs 105 crore, along with unvested options estimated at around Rs 51 crore.
The list of employee shareholders also includes senior leaders from finance, human resources, technology and fund management, each holding vested shares worth more than Rs 1 crore at the IPO price.
The company’s ESOP programme, introduced in 2018 and revised over time, granted stock options at exercise prices ranging from about Rs 39 to Rs 455 per share. With the IPO priced at Rs 574, long-serving employees have realised significant gains from their equity participation.
Several other senior leaders also stand to realise significant gains from the listing.
SBI Funds Management also witnessed strong investor interest during its IPO, with the issue subscribed around 42 times, led by robust demand from institutional investors.
