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The initial public offer (IPO) of SBI credit card unit, SBI Cards and Payment Services, will be launched on March 02. The SBI card is country’s second-largest credit card issuer with 18% market share. The bidding process will come to an end on March 05.
According to the bank’s prospectus, the company is aiming to issue new shares worth ₹500 crore and will offer up to 130.5 million shares for sale.
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Reports suggested that the company will be offering equity shares up to 130,526,798 via offer for sale route. These will include SBI’s 37,293,371 shares and up to 93,233,427 shares on offer by Carlyle Group. Other that that, SBI cards will also issue fresh equity shares of ₹500 crore.
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While SBI owns 76% in SBI cards, Carlyle Group holds the remaining stake.
Some of the front runners in booking the shares include Kotak Mahindra Capital, Axis Capital, DSP Merryl Lynch, Nomura Financial Advisory, HSBC Securities and SBI Capital Markets.
(With input from agencies)
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