NIFTY 50

SBI Cards receives Sebi approval to float Rs 6,000 crore IPO

Updated : February 26, 2020 01:05 PM IST

SBI Cards, the credit card arm of State Bank of India, on Tuesday, has received markets regulator Sebi’s in-principal approval to raise up to Rs 6,000 crore through an initial public offering (IPO).

The launch is likely in February-end and the IPO would value the company at approximately Rs 55,000-60,000 crore.

The company will offer up to 130,526,798 equity shares via offer for sale route. This will include up to 37,293,371 share sale by SBI and up to 93,233,427 shares on offer by Carlyle Group (CA Rover). In addition, the company will also issue fresh equity shares of Rs 500 crore.

Up to 1,864,669 shares have been reserved for employees of the company whereas 13,052,680 have been reserved for SBI shareholders.

SBI holds 74 percent in SBI Cards and rest of the stake is held by Carlyle Group. SBI Cards is the second-largest credit card issuer in India with an 18 percent market share.
cnbc two logos
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more
Live TV