SBI Cards and Payment Services' IPO open for subscription between Mar 2-5

SBI Cards IPO: With stock markets tumbling like crazy and global situation being volatile due to Coronavirus threat, we all need a safe place in market to park our funds. It may be the right time to consider SBI Cards and Payment Services' IPO (Initial Public Offering). State Bank of India is India's largest public sector bank and the name stands for a lot an commands great respect financially. So, it most definitely won't be a bad idea to consider SBI IPO to park your funds.

SBI Cards and Payments IPO essential details

When does SBI Cards IPO open?

SBI Cards and Payments IPO is opening on March 2

When is SBI Cards IPO subscription closing?

For qualified institutional buyers (QIBs), the subscription will close on March 4 while the issue closes on March 5

What is the price band of SBI Cards IPO?

SBI Cards has set the price band at Rs 750-755.

How many equity shares are up for grabs in SBI Cards IPO?

According to the draft papers, SBI Cards will offer up to 130,526,798 equity shares through an offer-for-sale route. This will include up to 37,293,371 share sale by SBI and up to 93,233,427 shares on offer by Carlyle Group. In addition, the company will also issue fresh equity shares of Rs 500 crore.

The IPO is hitting the market at a time when investor sentiment is shaken by growing coronavirus concerns. Market benchmark index Sensex plummeted 1,448 points on Friday following a manic global selloff as market participants fretted over the impact of the rapidly-spreading coronavirus.

According to analysts, markets are increasingly getting worried about the rapid outbreak of coronavirus across geographies and the consequent economic fallout.

(With PTI inputs)

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