SBI Cards and Payment Services, which will launch its IPO today, has raised Rs 2,769 crore from 74 anchor investors. The IPO which aims to raise Rs 10,355 crore is likely to see a bumper response from investors. SBI, the parent firm of SBI Cards, plans to raise Rs 500 crore by selling 0.66 crore shares. Carlyle Group will offer up to 13.05 crore shares to raise Rs 9,855 crore.
Singapore government, Monetary Authority of Singapore, HDFC Mutual Fund, Government Pension Fund Global and Birla Mutual Fund, are among the key investors in the anchor issue. Anchor investors are institutional investors who are offered shares in an initial public offering (IPO) ahead of its opening.
Shares in the IPO are available in a price band of Rs 750 to Rs 755 per share. In the anchor issue, shares have been allotted at the upper price band of Rs 755 per share.
Among 74 anchor investors, there are 12 mutual funds who have been allocated 3,66,69,589 shares of SBI Cards.
The share sale will close on March 5. Equity shares will be offered in SBI Cards IPO in a lot of 19 and in multiples of 19 equity shares thereafter. Eligible employees will be offered SBI Cards shares at a discount of Rs 75 per share.
Individual shareholders of SBI can apply under the retail (investment up to Rs 2 lakh) as well as shareholder category (investment up to Rs 2 lakh). If a SBI shareholder is also an SBI employee, he or she is also eligible to apply in the category of employees (investment up to Rs 5 lakh).
By Aseem Thapliyal