SBI Cards and Payment Services' initial public offering IPO was subscribed 22% in afternoon session today. The IPO received 2.17 crore bids compared to the issue size of 10.02 shares, till 2:15 pm. 1.55 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.