Business SBI Cards IPO: Sound fundamentals but macros remain a challenge, say brokerages Updated : January 09, 2020 02:27 PM IST The valuation benchmarking for SBI Cards becomes difficult due to a lack of strict comparable players, said Ambit in a report. Ambit further noted that whilst asset quality has held up till now, a slowing economy and job growth can lead to an increase in NPAs, in line with global experience. "For SBI, the IPO would imply a value of Rs 37 per share (post discount), which is higher than Street estimates, adding Rs 15 to the target price for SBI (Rs 350)," Emkay said. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.