SBI Card IPO: Amazing response! Subscribed 2.51 times; still over 2 days left - All you need to know

SBI Card's initial public offer (IPO) by SBI Cards and Payment Services is witnessing overwhelming response from investors! So far, on the 3rd day i.e. 4th March of bidding, SBI CARD IPO has already been subscribed 2.51 times. And, still over 2 days are left for bidding. The initial public offer (IPO) received bids for 25,12,78,800 shares against the total issue size of 10,02,79,411 shares, as per NSE data till 1200 hrs.

Key things to know about SBI CARD IPO:-

-The IPO comprises a fresh issue of Rs 500 crore and an offer for sale of 13,05,26,798 shares including anchor portion of 3,66,69,589 shares.

- Price range for the offer has been fixed at Rs 750-755 per share.

- SBI Cards expects to raise around Rs 10,355 crore through the IPO.

- The company has raised Rs 2,769 crore from 74 anchor investors.

- For qualified institutional buyers (QIB) the issue will close on Wednesday and for all other bidders it will close on Thursday.

- Kotak Mahindra Capital Company, Axis Capital, DSP Merrill Lynch, HSBC Securities and Capital Markets (India), Nomura Financial Advisory and Securities (India) and SBI Capital Markets are the managers for the offer.

- State Bank of India holds 76 per cent stake in SBI Cards, while the rest of the stake is held by Carlyle Group.

Earlier, it was reported that the SBI Card IPO has been subscribed 58.46 per cent till post-lunch session on Day 2 of the bidding process on Tuesday. 

The first IPO of 2020 and from the second largest credit card company in India as per data by stock exchanges has received bids for over 5.9 crore equity shares against issue size of more than 10 crore shares (excluding anchor book's portion).

The portion for retail investors is subscribed handsomely 93.19 per cent, while that of employees saw 82.25 per cent subscription, and SBI shareholders portion is fully subscribed. The reserved portion of qualified institutional investors has subscribed to 0.1 per cent, while that of non-institutional investors category saw subscription of 21.15 per cent.

Employees of SBI Card, the subsidiary of State Bank of India, will receive shares at a discount of Rs 75 per share on final offer price.