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SBI Cards IPO price range fixed at Rs 750-755 per share

SBI Cards IPO price range fixed at Rs 750-755 per share

SBI Cards IPO price range fixed at Rs 750-755 per share
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By CNBC-TV18 Feb 26, 2020 1:03:28 PM IST (Updated)

The SBI Cards IPO will open for subscription on March 2 and close on March 5.

State Bank of India said that the IPO committee of SBI Cards and Payment Services has fixed the IPO price range to be Rs 750-755 per share. At the higher end of the price band, the SBI Cards IPO is expected to raise around Rs 9,000 crore.

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The SBI Cards IPO will open for subscription on March 2 and close on March 5.
An employee discount of Rs 75 per share will be offered to eligible employees, said SBI in a regulatory filing on Tuesday.
The bid lot for the IPO has been finalized to be 19 shares and in multiples thereafter.
The SBI Cards IPO comprises a fresh equity issue worth Rs 500 crore and an offer for sale of up to 130,526,798 equity shares. This will include up to 37,293,371 share sale by SBI and up to 93,233,427 shares on offer by Carlyle Group.
SBI Cards, the credit card unit of country’s largest lender SBI, is second-largest credit card issuer in India, with an 18 percent market share.
SBI holds 74 percent in SBI Cards and rest of the stake is held by Carlyle Group. While Carlyle is looking to sell a 10 percent stake in the company via IPO, SBI would sell 4 percent.
Kotak Mahindra Capital, Axis Capital, DSP Merryl Lynch, Nomura Financial Advisory, HSBC Securities and SBI Capital Markets are the book-running lead managers of the issue.
The share sale is poised to become the fifth-largest IPO in the country after Coal India, Reliance Power, GIC Re and Oil and Natural Gas Corp (ONGC) and will help the parent, SBI, raise funds to boost credit growth.
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