SBI Cards IPO lists at Rs 658, nearly 13% discount over its issue price; SBI share price tanks

Follow us on

SBI Cards IPO Listing: Shares of SBI Cards and Payments (SBI Card) made a tepid debut at the exchanges on Monday, as the scrip got listed at Rs 658 on the BSE, a 12.85 per cent discount to its issue price of Rs 755. The share of SBI IPO listed at Rs 661 on NSE, down 12.45 per cent against its issue price.

However, analysts were expecting the most awaited SBI Cards stock to list at around Rs 780-800 a piece against the IPO issue price of Rs 755.

Meanwhile, ahead of SBI Card IPO debut, State Bank of India (SBI) share price fell nearly 8 per cent in early trade. At 09:42 hrs, State Bank of India was quoting at Rs 224.90, down Rs 17.35, or 7.16 per cent on the BSE.

The initial public offering (IPO) was open for subscription between March 2 and March 5. SBI Card IPO issue had received bids 26.54 times the original 100,279,411 offered shares on its last day of the bidding process. 

Quota reserved for qualified institutional buyers (QIB) got subscribed 57.18 times, while non-institutional investors’ category subscribed 45.23 times. Retail and employee categories were subscribed by 2.50 times and 4.74 times, respectively.

State Bank of India holds 76 per cent stake in SBI Cards, while the rest is held by Carlyle Group.

Also Read: SBI IPO Cards: Listing of SBI cards share on BSE, NSE today; could make modest debut