 "This decade-old Sebi guideline is holding up much-awaited SBI Cards IPO")
SBI Cards’ grey market premium moderates
The grey market premium for SBI Cards and Payment Services has seen some moderation following a 7 per cent crash in the stock markets last week. Grey market operators were paying a premium of as much as Rs 400 per share of the credit card company. The premium has now dropped to below Rs 300 per share. Still, this is a hefty premium of 45 per cent over the upper-band issue price of Rs 755 per share. Market players said the prevailing risk-off sentiment could make a dent in demand for the IPO. However, investment
