InvestorQ : What is the latest update on the SBI Cards IPO as of the end of the second day and does it really look encouraging?
Moii Chavate made post

What is the latest update on the SBI Cards IPO as of the end of the second day and does it really look encouraging?

Answer
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Sam Eswaran answered.
6 months ago


At the end of the second day of the IPO (March 03) SBI Cards issue was 0.87 times subscribed. This is a sharp improvement over the 39% subscription at the end of Day 1. SBI Cards and Payments Services Ltd, the credit card subsidiary of the country's largest lender State Bank of India (SBI), aims to raise over Rs.10,354 crore through the IPO. This includes Rs.9854 crore of offer-for-sale (OFS) and fresh issue of Rs.500 crore. The price range has been fixed at Rs.750-755 per share. Retail almost fully subscribing in the first 2 days is a good sign especially in the midst of such volatile and tumultuous markets. Most of the HNI and institutional bids come on the last day and that is when the real picture will be known. It maybe recollected that SBI Cards had raised Rs.2769 crore from 74 anchor investors, including Government of Singapore, Monetary Authority of Singapore, HDFC Mutual Fund, Government Pension Fund and Birla Mutual Fund; among others. Retail investors can made IPO bids for a minimum of 19 equity shares and in multiples of 19 equity shares thereafter. SBI Cards shares will get listed on NSE and BSE on the 16 March 2020.