One of the most anticipated initial public offering (IPO) of SBI Cards and Payment Services for Rs 9,000 crore is all set to open for subscription on March 2. The price range for the IPO subscription has been fixed at Rs 750-755 per share. The lot size of SBI Cards IPO, or the minimum number of shares to be subscribed, is fixed at 19 shares. SBI Cards IPO and will be closing on March 5.
SBI Cards shares are most likely to be listed on BSE on March 16, reported the Wall Street Journal. Link Intime India Private Limited is the registrar to the offer.
In a regulatory filing, SBI said that a discount of Rs 75 per share will be offered to the “eligible employees”.
SBI Cards will be offering up to about 13 crore equity shares via an offer-for-sale route. This will contain up to 37,293,371 share sale by SBI and up to 93,233,427 shares on offer by Carlyle Group. Besides, the company will also be issuing fresh equity shares of Rs 500 crore.
SBI holds 76% in SBI Cards and the rest of the stake is held by Carlyle Group.
SBI Cards is India’s second-largest credit card issuer with an 18 percent market share.
SBI Cards was unveiled in October 1998 by SBI and GE Capital. In December 2017, State Bank of India and the Carlyle Group acquired GE Capital’s stake in the company.
Bank of America Securities, Axis Capital, Kotak Investment Banking, HSBC and Nomura are the financial institutions advising SBI Cards on the IPO.
