Shares of SBI Cards and Payment Services will debut on the secondary equity market today, 16 March 2020. The company had priced the initial public offer (IPO) at the top end of the Rs 750 to Rs 755 per share price band.
The issue received bids for 225.09 crore shares, as against 10.02 crore shares on offer. The issue was subscribed 22.45 times. The issue opened for bidding on 2 March 2020. It closed for qualified institutional bidders (QIBs) on 4 March 2020 and it closed on 5 March 2020 for all other investors.
The quota reserved for QIBs was subscribed 57.18 times with total bids for 138.52 crore shares as against 2.42 crore shares on offer for them. The non-institutional investors category was subscribed 45.23 times. The retail individual investors (RIIs) category was subscribed 2.50 times. The employees category was subscribed 4.74 times. The shareholders category was subscribed 25.36 times.
SBI Cards and Payment Services is the second-largest credit card issuer in India with a 18.1% market share of the Indian credit card market in terms of the number of credit cards outstanding end November 2019 and 17.9% market share in total credit card spends in the eight months ended November 2019. The company offers an extensive credit card portfolio to individual cardholders and corporate clients, which includes lifestyle, rewards, travel and fuel, shopping, banking partnership cards and corporate cards covering all major cardholder segments in terms of income profiles and lifestyles.
