SBI Cards IPO subscribed 13% so far on day 1; 19.4 lakh bids received

SBI Cards IPO subscribed 13% so far on day 1; 19.4 lakh bids received

SBI Cards IPO: SBI Cards and Payment Services' initial public offer or IPO opened for subscription on Monday. The mega IPO by SBI Cards and Payment Services (SBI), India's one of the largest credit card issuer, was subscribed 4 per cent within the first 15 minutes of the bidding process on Monday.

The issue received bids for 39,81,469 shares compared with the issue size of 10,02,79,411 shares. The company has already raised Rs 2,769 crore from 74 anchor investors, including 12 mutual funds.

The SBI Cards IPO was last subscribed 12.68 per cent on the first of issue. The IPO received 1.27 crore bids by 11:45 am compared with the issue size of 10.03 crore, data from the National Stock Exchange (NSE) showed.

Bids under the SBI Cards IPO can be made in lots of 19 shares. At the higher end of price band, one lot will cost an investor Rs 14,345.

SBI Cards and Payments Services Ltd, the credit card subsidiary of the country's largest lender State Bank of India (SBI), aims to raise over ₹10,000 crore through this initial public offering. The issue will close for subscription on March 5. The price range for the IPO has been fixed at ₹750-755 per share.

SBI Cards IPO aims to raise over ₹10,000 crore through this initial public offering. The issue will close for subscription on March 5. The price range for the IPO has been fixed at ₹750-755 per share.

SBI Cards is 74% owned by SBI while Carlyle Group owns the remaining 26%. Carlyle bought the stake in 2017 from GE. As part of the IPO, SBI will divest 4% of its stake, while Carlyle will sell 10% of its stake.

Also Read: SBI Cards IPO: Price band for SBI's Credit card IPO fixed at Rs 750-755 per share