SBI Cards and Payments IPO begins trading at 12.5% discount on NSE
The credit card company’s Rs 10,350 IPO received an overwhelming response during its four-day share sale with a subscription of over 26 times.
The IPO by SBI Cards and Payment Services (SBI) continued to attract investors on the third day of its opening and was subscribed 15.49 times on Wednesday.
The issues received bids for more than 155 crore shares against the total issue size of 10 crore shares, as per the NSE data showed.
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.
Advertisement
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.
The company fixed the price range for the offer at Rs 750-755 per share and it 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.
(With input from agencies)
Advertisement
