State Bank of India (SBI) shares rose approximately 1% in early trade on Thursday, September 17. The stock reached an intraday high of ₹1,000.90.
The price movement follows the opening of the National Stock Exchange (NSE) Initial Public Offering (IPO). SBI is participating in the IPO as a selling shareholder through an Offer for Sale (OFS).
The bank is offering 1.597 crore shares in the NSE. This divestment is expected to fetch approximately ₹2,851 crore at the upper end of the price band.
Investors are reacting to the value unlocking from SBI's long-held investment in India's largest stock exchange. Analysts at Jefferies noted the bank's focus on consistent growth and profitability.