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SBI Cards share rises over 6%, yet to touch IPO issue price in two sessions

Share price of SBI Cards rose up to 6.08% to Rs 724.80 compared to the previous close of Rs 683.20 on BSE

SBI Cards share price is yet to touch its issue price in two trading sessions. SBI Cards share price is yet to touch its issue price in two trading sessions.

SBI Cards share price was trading higher on the second day of its debut today. Share price of SBI Cards rose up to 6.08% to Rs 724.80 compared to the previous close of Rs 683.20 on BSE. Market capitalisation of SBI Cards rose to Rs 66,947 crore. The large cap stock listed at a discount of 13% at Rs 658 yesterday compared to the issue price of Rs 755.

SBI Cards share is yet to touch its issue price in two trading sessions. The large cap stock saw 2.08 lakh shares changing hands amounting to turnover of Rs 51.17 crore on BSE.

On Monday, the credit card arm of SBI saw a weak listing amid Sensex crashing over 2,500 points in early trade.

The stock listed at a discount of 13% to the issue price. It opened at Rs 658 per share on BSE. It ended lower at discount of 10% at Rs 683.20 on Monday.

SBI Cards IPO, which was held from March 2 to March 5, was subscribed 26.54 times on its last day despite weak market conditions.On NSE, SBI Cards share listed at Rs 661, a discount of 12.45% to the issue price.

The IPO which initially attracted lot of investor attention could not deliver listing gains due to crash in global and domestic markets. Global and domestic markets had started feeling the effect of global slowdown due to rising number of coronavirus cases across the world.

SBI Cards IPO hit the market when Nifty was down 8% and Sensex had lost over 7% since the beginning of this year.

Earlier, analysts had predicted SBI Cards share would list at 40-50% premium at the upper end of issue price at Rs 1,000 per share.

Price band for the IPO was fixed at Rs 750 to Rs 755 per share.

Equity shares were offered in SBI Cards IPO in a lot of 19 and in multiples of 19 equity shares thereafter. Eligible employees were offered SBI Cards shares at a discount of Rs 75 per share.

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