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SBI Cards IPO subscribed 39% on day 1

SBI Cards 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

twitter-logoBusinessToday.In | March 3, 2020 | Updated 10:07 IST
SBI Cards IPO subscribed 39% on day 1
Shares are available in the IPO of SBI Cards in a lot size of 19 and in multiples of 19 equity shares thereafter

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 IPO may click for only long-term investors, here's why

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.

SBI Cards collects Rs 2,769 crore from anchor investors

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