SBI Cards and Payment Services, the credit card arm of India's largest bank State Bank of India, will open its IPO from March 2. With this, the IPO will be worth Rs 9,000 crore. SBI Cards comes second in India in the issue of credit cards. It has an 18 percent market share. At the same time, HDFC is at number one with a 25 percent market share. SBI Cards is planning to issue new shares worth around Rs 500 crore and will offer over 130.5 million shares for sale. Besides, the bidding process of SBI Cards' IPO will close on 5 March. This information is revealed from the company's 18 February catalog.
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The face value of one share will be Rs 10 The issue price in the IPO will be between Rs 750 and Rs 755 per share. Apart from this, a discount of Rs 15 per share will be given to the employees of the company. The market lot will be of 19 shares, ie the IPO will have to be bid for a minimum of 19 shares. The listing of the company will be on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The face value of one share in this offer can be 10 rupees.
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500 crore fresh equity shares will be released According to a report by the news agency Reuters, SBI Cards will offer up to 130,526,798 equity shares through an offer for sale, while it has 37,293,371 shares sold by SBI and 93,233,427 shares offered by Carlyle Group. In addition, the company will also issue fresh equity shares worth Rs 500 crore.