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Friday, 28 February 2020

SBI Cards IPO to open on March 2...

State Bank of India owns 74 percent stake in the company and the rest 26 percent is held by CA Rover Holdings, an affiliate of the Carlyle Group.

The long-awaited initial public offering of SBI Cards and Payment Services, a subsidiary of the country's largest lender State Bank of India is set to open for subscription.
The GRS Solution - SBI Cards IPO to open on March 2...

It will open on March 2 for four days, and will close on March 5.
This will be the largest IPO after General Insurance Corporation of India which came out with the initial offering in October 2017.
The anchor book, a part of qualified institutional buyer (QIB) portion, will open for a day on Friday, February 28.
Kotak Mahindra Capital The company, Axis Capital, DSP Merrill Lynch, HSBC Securities, and Capital Markets (India), Nomura Financial Advisory and Securities (India) and SBI Capital Markets will be book running lead managers to the issue.

IPO Size:-

SBI Cards proposed to raise Rs 10,289 crore at the lower end of the price band (Rs 750 per share) and Rs 10,355 crore at the upper end (Rs 755 per share).
  • It comprises a fresh issue of Rs 500 crore and an offer for sale of up to 13,05,26,798 equity shares.
  • As a part of the offer for sale, parent company SBI will sell up to 3,72,93,371 shares and CA Rover Holdings, an affiliate of the Carlyle Group, will sell up to 9,32,33,427 shares.
  • The offer includes a reservation of up to 18,64,669 equity shares for subscription by eligible employees and reservation of up to 1,30,52,680 equity shares for SBI shareholders.
  • Eligible employees will get shares at a discount of Rs 75 per share on the final issue price.
  • The price band for the issue has been fixed at Rs 750-755 per share. Bids can be made for a minimum of 19 equity shares and in multiples of 19 equity shares thereafter.

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