The company is planning to issue new shares worth Rs500cr and it will offer up to 130.5 million shares for sale, the media reports added.
SBI holds 76% in SBI Cards and rest of the stake is held by Carlyle Group.
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.
SBI Cards MD and CEO Hardayal Prasad had said that credit business had huge potential to grow in view of the very low penetration in the country. He said there were only three credit cards for a population of 100, as compared to 165 in Singapore and 250 in Hong Kong.