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SBI Cards IPO subscribed 22.45 times on final day of bidding

The initial public offer of SBI Cards and Payment Services was subscribed 22.45 times on the final day of bidding on Thursday.

PTI PTI
New Delhi Updated on: March 05, 2020 19:28 IST
SBI Cards IPO subscribed 22.45 times on final day of bidding

SBI Cards IPO subscribed 22.45 times on final day of bidding

The initial public offer of SBI Cards and Payment Services was subscribed 22.45 times on the final day of bidding on Thursday. The IPO to raise around Rs 10,355 crore received bids for over 225 crore shares against the total issue size of 10 crore shares, as per NSE data till 18:30 hours. Non institutional investors category was subscribed 45 times and retail individual investors 2.5 times, according to merchant banking sources.

For qualified institutional buyers (QIB), the issue closed on Wednesday and for all other bidders it closed on Thursday. The QIB category was subscribed 57.18 times, as per NSE data. 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 IPO was fixed at Rs 750-755 per share. The offer received over 37 lakh applications generating demands of Rs 2 lakh crore, merchant banking sources added. The company had raised Rs 2,769 crore from 74 anchor investors. State Bank of India holds 76 per cent stake in SBI Cards, while the rest is held by Carlyle Group. 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 offer. 

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