SBI Cards and Payment Services IPO to open today

The bid/ offer will close on March 5, 2020.

Mar 02, 2020 02:03 IST India Infoline News Service

SBI Cards
SBI Cards and Payment Services will open for subscription from today. The Bid/ Offer will close on March 5, 2020.  Price Band at Rs750-755.

The shares will get listed on NSE and BSE.

Kotak Mahindra Capital, Axis Capital, DSP Merryl Lynch, Nomura Financial Advisory, HSBC Securities and SBI Capital Markets are the book-running lead managers of the issue.

Link Intime India Private Limited is the registrar of the IPO and it will manage the allocation.

The SBI Cards IPO comprises a fresh equity issue worth Rs500cr and an offer for sale of up to 13,05,26,798 equity shares. This will include up to 3,72,93,371 share sale by SBI and up to 9,32,33,427 shares on offer by Carlyle Group.

The bids can be made for a minimum of 19 equity shares and in multiples of 19 equity shares thereafter.

The company is the second-largest credit card issuer in India, with a 17.6% and 18.01% market share of the Indian credit card market in terms of the number of credit cards outstanding as of March 31, 2019, and November 30, 2019, respectively, and a 17.1% and 17.9% market share of the Indian credit card market in terms of total credit card spends in fiscal 2019 and in the eight months ended November 30, 2019, respectively, according to the RBI.

To know everything about the SBI Cards IPO click here

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