SBI Cards IPO opens tomorrow: Key points you need to know before you investing
SBI Cards IPO: The IPO of SBI Cards will open for subscription on Monday i.e March 2, 2020, amid a lot of buzz about the issue. Some analysts expect the issue to get a bumper response from investors. 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 ₹10,000 crore through this initial public offering. The issue will close for subscription on March 5. The price range for the IPO has been fixed at ₹750-755 per share.
The initial public offer or IPO of SBI Cards and Payment Services, India's one of the largest credit card issuer, will open for subscription on Monday. SBI Cards IPO will close for subscription on March 5.
SBI Cards IPO aims to raise over ₹10,000 crore through this initial public offering. The issue will close for subscription on March 5. The price range for the IPO has been fixed at ₹750-755 per share.
SBI Cards is 74% owned by SBI while Carlyle Group owns the remaining 26%. Carlyle bought the stake in 2017 from GE. As part of the IPO, SBI will divest 4% of its stake, while Carlyle will sell 10% of its stake.
Key points to know:
Lot size of SBI Cards IPO:
The bid lot for the offer has been finalised to be 19 equity shares and in multiples of 19 equity shares thereafter.
SBI Cards IPO Price Band:
The company has set the price band for the share sale at ₹750-755. SBI Cards shares are proposed to be listed on the BSE and NSE.
IPO Size:
SBI Cards proposed to raise Rs 10,289 crore at the lower end of the price band (Rs 750 per share) and Rs 10,355 crore at the upper end (Rs 755 per share).
Listing on BSE and NSE:
The listing of shares may happen on 16th March, according to brokerages.
How to invest in an SBI Cards IPO online?
Open Demat-cum-trading account:
A Demat account is a prerequisite to apply for an IPO. A Demat account is nothing but a facility to store your stocks and financial securities electronically. A Demat account can be opened by submitting your PAN card, Aadhaar card, address and identity proofs.
Also Read: SBI Cards IPO: Price band for SBI's Credit card IPO fixed at Rs 750-755 per share
