The initial public offer (IPO) of SBI Cards and Payment Services was subscribed 39 per cent on the first day of bidding on Monday.

The IPO received bids for 3,94,54,754 shares against the total issue size of 10,02,79,411 shares, as per data available with the NSE.

The portion reserved for retail investors was subscribed 62 per cent while those of non institutional investors 12 per cent, according to merchant banking sources.

On the first day of bidding itself, the public offer received 8.52 lakh applications, they added.

The initial public offer (IPO) comprises a fresh issue of Rs 500 crore and an offer for sale of 13,05,26,798 equity shares including anchor portion of 3,66,69,589 equity shares.

Price range for the offer has been fixed at Rs 750-755 per share.

SBI Cards expects to raise around Rs 10,355 crore through the IPO.

SBI Cards and Payment Services has raised Rs 2,769 crore from 74 anchor investors.

Kotak Mahindra Capital Company, Axis Capital, DSP Merrill Lynch, HSBC Securities and Capital Markets (India), Nomura Financial Advisory and Securities (India) and SBI Capital Markets are managing the offer.

For QIB bidders, the issue will close on Wednesday and for all other bidders it will close on Thursday.

SBI holds 76 per cent stake in SBI Cards and the rest of the stake is held by Carlyle Group.