The SBI Cards IPO is the largest IPO after General Insurance Corporation of India, which started its IPO in October 2017.
The SBI Cards IPO is the largest IPO after General Insurance Corporation of India. (Photo: SBI Card)
SBI Cards and Payment Services IPO opened on Monday after creating a lot of buzz in the market. The credit arm of the country’s largest lender, SBI, aims to raise Rs 10,289 crore at the lower end of the price band and Rs 10,355 crore at the upper end. The price band for the IPO has been fixed between Rs 750-755 per share.
As of 11.45 am the IPO received 98.46 lakh bids compared with the issue size of 10.03 crore, data from the National Stock Exchange (NSE) showed.
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Investors can make their bids for the IPO in lots of 19 shares. At the higher end of price band, one lot will cost an investor Rs 14,345, NDTV reported.
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The SBI Cards IPO is the largest IPO after General Insurance Corporation of India, which started its IPO in October 2017.
With 18 per cent of the market share, SBI Cards and Payment Services is the second-largest credit card issuer in India with a card base of 9.83 million. The company functions in more than 130 cities across the country.
SBI card is also the second-largest credit card issuer, having partnership with few other major brands. It is the only company in the genera to be listed in India.
The bidding for the SBI Cards IPO will close on March 5.
(With input from agencies)
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