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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

Press Trust of India  |  New Delhi 

IPO, markets
SBI holds 76 per cent stake in SBI Cards | Representative Image

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

The 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 was subscribed 62 per cent while those of non institutional 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 sale of 13,05,26,798 equity shares including anchor portion of 3,66,69,589 equity shares.

Price range for the offer has been fixed at Rs 750-755 per share.

Cards expects to raise around Rs 10,355 crore through the

Cards and Payment Services has raised Rs 2,769 crore from 74 anchor

Kotak Mahindra Capital Company, Axis Capital, DSP Merrill Lynch, HSBC Securities and Capital (India), Nomura Financial Advisory and Securities (India) and SBI Capital are managing the offer.

For QIB bidders, the issue will close on Wednesday and for all other bidders it will close on Thursday.

SBI holds 76 per cent stake in SBI Cards and the rest of the stake is held by Carlyle Group.

First Published: Mon, March 02 2020. 19:59 IST
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