SBI Cards IPO subscribed 2.51 times so far on third day of bidding

The initial public offer of SBI Cards and Payment Services was subscribed 2.51 times so far on the third day of bidding on Wednesday.

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.

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.