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  4. SBI Cards IPO: How to apply for SBI Cards IPO? Check price band, lot size, eligibility criteria

SBI Cards IPO: How to apply for SBI Cards IPO? Check price band, lot size, eligibility criteria

SBI Cards IPO: The initial public offer or IPO of SBI Cards and Payment Services, India's one of the largest credit card issuer, will open next week on March 2. SBI Cards IPO will close for subscription on March 5. Know how to invest in an SBI Cards IPO

India TV Business Desk Edited by: India TV Business Desk New Delhi Updated on: March 02, 2020 9:53 IST
SBI Cards IPO date news, sbi card ipo open date, sbi card ipo launch date
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SBI Cards IPO Latest News: March 2 is when SBI Cards IPO will open for subscription.  The price range of SBI Cards IPO shares has been fixed at Rs 750-755 per share.

SBI Cards IPO: The initial public offer or IPO of SBI Cards and Payment Services, India's one of the largest credit card issuer, will open next week on March 2. SBI Cards IPO will close for subscription on March 5. SBI Cards is 74% owned by SBI while Carlyle Group owns the remaining 26%. Carlyle bought the stake in 2017 from GE. As part of the IPO, SBI will divest 4% of its stake, while Carlyle will sell 10% of its stake.

The Rs 10,352 crore SBI Card IPO ((including a fresh issue of Rs 500 crore) will be India’s fifth biggest issuances after Coal India (Rs 15,100 crore), Reliance Power (Rs 11,563 crore), GIC RE (Rs 11,370 crore), ONGC (Rs 10,543 crore).

What is SBI Cards IPO Price Band?

The company has set the price band for the share sale at ₹750-755. SBI Cards shares are proposed to be listed on the BSE and NSE.

When will the SBI Cards IPO be listed on BSE and NSE?

The listing of shares may happen on 16th March, according to brokerages.

What will be the minimum lot size of SBI Cards IPO?

The bid lot for the offer has been finalised to be 19 equity shares and in multiples of 19 equity shares thereafter. 

SBI Card IPO Details:

Open Date:

Mar 02 2020

Close Date:

Mar 05 2020

Total Shares:

137,193,464

Face Value:

₹ 10 Per Equity Share

Issue Type:

Book Building

Issue Size:

10354.77 Cr.

Lot Size:

19 Shares

SBI Cards IPO Issue Price:

₹ 750-755 Per Equity Share

Retail Discount:

Rs.75( for employees)

Listing At:

NSE,BSE

Listing Date:

Mar 13 2020

Reservation, discount for employees and SBI shareholders:

SBI Cards IPO includes a reservation of 18.4 lakh shares for eligible SBI employees. 

Employee quota: 

An employee discount of ₹75 per equity share will be offered to eligible employees. The maximum bid amount under the employee reservation portion by an eligible employee cannot exceed ₹5 lakh.

SBI shareholders:

About 1.3 crore shares or about 10% of the issue size is reserved for SBI shareholders. SBI shareholders who had SBI shares as on February 18, 2020, can apply under the SBI shareholders category.  There is no binding limit on how many shares they can hold. 

Retail quota: 

According to Axis Securities, around 35 per cent of the issue has been reserved for small/retail investors. Anyone can apply in the Retail category, provided the investment limit is up to Rs 2 lakh.

How to invest in an SBI Cards IPO online?

Open Demat-cum-trading account:

A Demat account is a prerequisite to apply for an IPO. A Demat account is nothing but a facility to store your stocks and financial securities electronically. A Demat account can be opened by submitting your PAN card, Aadhaar card, address and identity proofs.

Application process:

You can apply for an IPO through your trading account or bank account. Some banks bunch trading, Demat and bank accounts.

Once you have activated your trading-cum-Demat account, you need to be aware of Application Supported by Blocked Amount (ASBA) facility, which is compulsory for IPO applications. The ASBA is an application that authorizes banks to block money in your bank account.

The ASBA is available in physical and Demat form. The facility eliminates the use of demand drafts and cheques. All you need to do is to specify your PAN, Demat account number, bank account number and bidding details in the application.

Also Read: SBI Cards IPO: Price band for SBI's Credit card IPO fixed at Rs 750-755 per share

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