SBI Cards IPO: Attention! SBI Bank Chairman makes BIG announcement for its customers
SBI Cards IPO: SBI Cards IPO: The State Bank of India (SBI) Chairman Rajnish Kumar has made a big announcement regarding the much-awaited initial public offer (IPO) of SBI Cards and Payment Services. SBI Cards is the credit card unit of the country's largest lender SBI. SBI Cards had filed the draft red herring prospectus with market regulator Securities and Exchange Board of India (SEBI) on November 27 last year.
Making a big announcement, SBI Chairman Rajnish Kumar has said that the SBI Cards IPO is most likely to become available for subscription in the current quarter. This means the subscription for SBI Cards IPO will be available between January to March 2020 (Q4FY20). However, there is no such official announcement being made either by SBI or by SBI Cards.
SBI Cards IPO is one of the two IPOs that SBI is coming within the year 2020. SBI Cards plans to raise around Rs 9,600 crore through the IPO.
As part of the IPO process, its promoters, namely Carlyle Group, and State Bank of India (SBI) will make a partial exit from SBI Cards and Payment Services Ltd.
Currently, SBI Cards is rated AAA and A1+ by both rating firms CRISIL and ICRA. As per Crisil's report, SBI Cards is the leading player in open market customer acquisition in India.
