SBI Cards IPO Stays Strong Despite Market Fears Over Coronavirus, Gets Oversubscribed 3.32 Times

SBI Cards and Payment Services listing has survived the coronavirus storm in the market as its IPO has been oversubscribed 3.32 times in a weak market.

The mega IPO by SBI Cards and Payment Services has been fully subscribed on day three of the bidding process. The issue has been oversubscribed 3.32 times, data showed.

The issue closed for QIBs on Wednesday and for retail investors and HNIs on Thursday.

The price band for the issue was fixed at Rs 750-755 and the minimum amount a small investor can invest by subscribing a lot of 19 shares is Rs 14,345.

SBI Cards and Payment Services - the credit card arm of the country's largest lender State Bank of India (SBI) - aims to raise around Rs 10,350 crore through the IPO, including new shares worth Rs 500 crore and an offer for sale of 13.05 crore shares.

SBI Cards is the second largest credit card issuer in the country with a market share of 18 per cent.

The story has been published via syndicated feeds, only the headline has been changed