SBI Cards IPO: Want to bid for Rs 9000 crore Initial Public Offer? This is what you must know
SBI CARD IPO: Here is all you need to know about the bidding process and details related to it:-
The second-largest card issuer SBI Cards & Payment Services, which is hitting the primary market with a Rs 9,000-crore initial public offering (IPO), has set the price band for the share sale at Rs 750-755. The IPO, opening on March 2, comprises fresh issue of equity shares aggregating to Rs 500 crore and an offer for sale where promoters will offload nearly 13 crore shares. Promoters SBI and Carlyle Group will offload 3.73 crore shares and 9.32 shares respectively. Here is all you need to know about the bidding process and details related to it:-
- Bids can be made for a minimum of 19 Equity Shares and in multiples of 19 Equity Shares thereafter.
- The Bid/ Offer will close on 5 March, 2020
- All Bidders (other than Anchor Investors) shall mandatorily participate in this Offer through the Application Supported by Block Amount (“ASBA”) process, and shall provide details of their respective bank account (including UPI ID for Retail Individual Investors using UPI Mechanism) in which the Bid Amount will be blocked by the SCSBs or the Sponsor Bank, as the case may be.
SBI holds 74 per cent in SBI Card and the rest by the Carlyle Group and they will pare their stakes by 4 per cent and 10 per cent respectively.
SBI Card's market share in terms of the number of credit cards outstanding is 18 per cent.
The pure-play credit card company's gross NPA stood at 2.47 per cent in December 2019 compared to 2.44 per cent in March 2019 and 2.83 per cent in March 2018, he said.
SBI Card was launched in October 1998 by SBI and GE Capital but in December 2017, GE sold back its stake to State Bank of India and the Carlyle Group.
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