Almost the entire sum has been raised from retail investors, and subscriptions came from 82 per cent of the PIN codes in the country, its chief business officer D P Singh said. The average ticket size also came down to over Rs 2 lakh from Rs 5 lakh earlier.
Market regulator Sebi had last year redefined the multicap category, and SBI MF had launched its offering in line with the new norms, Singh said, expressing satisfaction with the investor response.
The asset management company, which had raised over Rs 14,000 crore in a new fund offer (NFO) for a balanced advantage fund, was targeting to raise Rs 5,000 crore through the multicap fund NFO, Singh said.
He said balanced advantage is a very wide category while multicap is a pure equity-focused product.
Apart from that, the timing of the latest offering was also challenging, Singh added.
A third of the total investors who have subscribed to the multicap fund NFO are new to the mutual fund industry, he noted.
The NFO completes the products suite for the company and it will not be looking at any more new launches, he said, adding the efforts will be to educate distributors to push existing schemes to investors after understanding their risk appetite.
Singh also said this is the right time to invest in the equity market because of the lower valuations which will help investors get better returns over time.