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.
SBI Cards and Payments had fixed a price of Rs 750-755 per share for the IPO. (Photo: SBI Cards)
Shares of SBI Cards and Payment Services Ltd., a unit of country’s largest lender, started trading on Monday at a discount of 12.5 per cent over its issue price of Rs 755. The initial public offering (IPO), which was open for subscription from March 2 to March 5, started trading at Rs 661 on the National Stock Exchange (NSE).
So far, the shares saw a high of Rs 755 and low of Rs 656.
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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.
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SBI Cards and Payments had fixed a price of Rs 750-755 per share for the IPO.
As per the reports, quota reserved for qualified institutional buyers (QIB) got subscribed by 57.18 times and non-institutional investors’ category by 45.23 times.
On the other hand, employee categories were subscribed by 4.74 times, followed by the retail categories at 2.50 times.
SBI owns 76 per cent stake in SBI Cards and the remaining share 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 were the lead managers for the IPO.
(With input from agencies)
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