SBI Cards IPO subscribed over 15 times despite turmoil in secondary market

At the top-end, the stock is valued at 46x its earnings for the first nine months of 2019-20.

Initial public offering (IPO) of SBI Cards and Payment Services (SBI Cards),  country’s second-largest credit card issuer, has got a thumbs up from institutional investors despite turmoil in the secondary market.

The so-called qualified institutional buyer (QIB) segment was subscribed 57x, with cumulative bid amount crossing a record of Rs 1 trillion. Nearly half of the bids in the QIB segment came from overseas investors. 

Wednesday was the last day for QIB bidding. Overall, the IPO has been subscribed 15.2x. The other segments of the IPO, too, have already seen more demand than shares on offer. Market players say the