SBI Card IPO: Last day is here! Key things to know

Today, 5th March, is the last day to bid for SBI CARD IPO. Riding on the buzz already created by it, SBI Card IPO is receiving amazing response by investors.

SBI Card IPO: Last day is here! Key things to know

Today, 5th March, is the last day to bid for SBI CARD IPO. Riding on the buzz already created by it, SBI Card IPO is receiving amazing response by investors. The initial public offer of SBI Cards and Payment Services was subscribed 15.49 times on the third day of bidding on Wednesday. The company's IPO received bids for more than 155 crore shares against the total issue size of 10 crore shares, as per the NSE data.

The category meant for qualified institutional buyers (QIBs) was subscribed 56.66 times, non institutional investors 2.19 times and retail individual investors 1.77 times.

Closed for QIB bidders; open for others

For QIB bidders, the issue closed on Wednesday and for all other bidders it will close on Thursday.

SBI CARD IPO: DETAILS

-The initial public offer 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 already raised Rs 2,769 crore from 74 anchor investors.

- 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 to the IPO

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

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.

 

Written By: Prashant Singh
Edited By: Harish Dugh
Updated: Thu, Mar 05, 2020
01:20 PM IST
ZeeBiz WebDesk
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