SBI Cards IPO subscribed 15.49 times on third day of bidding

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Initial public offer of SBI Cards and Payment Services was subscribed 15.49 times on the third day of bidding on Wednesday. The company's IPO received bids for more than 155 crore shares against the total issue size of 10 crore shares, as per the NSE data.

The category meant for qualified institutional buyers (QIBs) was subscribed 56.66 times, non institutional investors 2.19 times and retail individual investors 1.77 times, as per merchant banking sources.

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

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

The company 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 the managers to the IPO.

State Bank of India holds 76 per cent stake in SBI Cards, while the rest of the stake is held by Carlyle Group.