SBI Cards IPO subscribed 39% on first day of bidding, raises Rs 2,769 crore

The IPO comprises a fresh issue of Rs 500 crore and an offer for sale of 13,05,26,798 equity shares

The initial public offer (IPO) of SBI Cards and Payment Services was subscribed 39 per cent on the first day of bidding on Monday.

The IPO received bids for 3,94,54,754 shares against the total issue size of 10,02,79,411 shares, as per data available with the NSE.

The portion reserved for retail investors was subscribed 62 per cent while those of non institutional investors 12 per cent, according to merchant banking sources.

On the first day of bidding itself, the public offer received 8.52 lakh applications, they added.

The initial public offer (IPO) comprises a fresh issue of Rs 500 crore and an offer for