SBI Cards IPO oversubscribed by over 15 times

The SBI Cards IPO, comprises a fresh issue of Rs 500 crore and an offer for sale of 13,05,26,798 shares, has been oversubscribed by over 15 times

State Bank of India (SBI)

New Delhi: The SBI Cards IPO was oversubscribed by over 15 times on the third day of bidding on Wednesday. The price range for the offer, which closes on March 5, has been fixed at Rs 750-755 per share. SBI Cards is expecting to raise Rs 10,350 crore through the IPO. The IPO comprises a fresh issue of ₹500 crore and an offer for sale of 13,05,26,798 shares.

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 for the offer.

SBI Cards IPO: Lot size and expected allotment finalisation

The lot size is 19 shares. At the upper end of the price range of Rs 755, one lot will be priced at Rs 14,345. Link InTime India Private Limited is the registrar of the IPO and will manage the allocation. According to brokerages, SBI Cards is expected to get listed on NSE and BSE on March 16.

10% of the issue size reserved for SBI shareholders

Around 10 percent of the issue size of 1.3 crore shares are reserved for SBI shareholders. SBI shareholders should have had SBI shares as on February 18 to be able to apply for this category.
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Around 18.4 lakh shares are also reserved for eligible employees of SBI and SBI Cards, who are eligible for an employee discount of Rs 75 per equity share.