Street signs: SBI Cards IPO, ESG funds get stewardship push, and more

Traders take SBI route for Card IPO 

Savvy traders plan to apply for SBI Cards and Payment Services shares in the “shareholder” quota of the IPO. Brokers say many wanting get to their hands on the country’s second-largest credit card company have bought shares of parent State Bank of India (SBI) from the secondary market in recent weeks. About 13 million shares (worth over Rs 900 crore) are reserved for SBI shareholders in the IPO. Typically, the retail book sees higher subscription than the shareholder book and, therefore, the chances of getting allotment through the latter are higher.