Investors are eagerly awaiting the upcoming Initial Public Offer (IPO) of India's second-largest credit card company, SBI Cards, and Payment Services, and the IPO will open for subscription on March 2. The much-awaited IPO can be bid till March 5. According to a report by the Wall Street Journal, the size of this IPO could be 9,000 crore rupees. The price of each share can be between 750-755 rupees. While talking about the lot size of SBI Cards IPO, anyone can bid for a minimum of 19 shares.
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State Bank's stake in SBI Cards 76% The country's largest State Bank of India holds 76% stake in SBI Cards. In addition, the remaining stake is with the Carlyle Group. SBI Cards is the second-largest credit card issuer in the country with 18% stake. SBI Cards and GE Capital introduced SBI Cards in October 1998. In December 2017, SBI and Carlyle Group acquired GE Capital's stake in the company.
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500 crore new equity shares Listing of shares of SBI Cards on BSE is likely on 16 March. Link Intime India Private Limited is the registrar of this IPO. SBI Cards will sell 13 crore equity shares through the offer for sale. Under this scheme, SBI will sell 37,293,371 shares and Carlyle Group 93,233,427 shares. In addition, the company will also issue new equity shares worth Rs 500 crore.
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Various financial institutions are giving advice Financial institutions like Bank of America, Axis Capital, Kotak Investment Banking, HSBC and Nomura are advising SBI Cards on IPOs.
IRCTC IPO received tremendous response Recently, investors are excited about the IPO of SBI Cards due to the overwhelming response to the IPO of IRCTC, a subsidiary of Indian Railways.
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