The SBI Cards IPO will open for subscription on March 2 and closed on March 5.
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.
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.
Bids can be made for a minimum of 19 Equity Shares and in multiples of 19 Equity Shares thereafter. The Bid/ Offer will close on 5 March 2020.
The Offer includes a reservation of up to 1,864,669 equity shares for subscription by eligible employees (as defined hereinafter) (The Employee Reservation Portion) and a reservation of up to 13,052,680 equity shares, for subscription by SBI by SBI Shareholders (As defined hereinafter) (“The SBI Shareholder Reservation Portion”). e. An employee discount of 7 751- per Equity Share will be offered to Eligible Employees in accordance with the terms and conditions stipulated in the Red Herring Prospectus dated February 18,2020 ("RHP").
SBI holds 76% in SBI Cards and rest of the stake is held by Carlyle Group, while Carlyle is looking to sell a 10% stake in the company via IPO, SBI would sell 4%.