SBI Cards and Payment Services' initial public offering IPO was subscribed 39% on first day of the issue today. The IPO received 3.91 crore bids compared to the issue size of 10.02 crore shares. Total 2.73 crore bids were received at a cut off price of Rs 755 per share. The IPO which opened today will close on March 5.
Shares are available in the IPO of SBI Cards in a lot size of 19 and in multiples of 19 equity shares thereafter. Individual shareholders of SBI can apply under 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).
SBI Cards and Payment Services is owned by State Bank of India and private equity firm Carlyle Group. While SBI owns 74% in its credit card unit, Carlyle Group holds 26% through its subsidiary CA Rover Holdings in the credit cards firm.
While SBI owns 74% in its credit card unit, Carlyle Group holds 26% through its subsidiary CA Rover Holdings in the credit cards firm.
Bids for SBI Cards IPO can be done in a price band of Rs 750 to Rs 755 per share.