SBI Cards and Payment Services — Initial Public Offer (IPO) has been over-subscribed 16.43 times on Thursday, as the last day of the subscription, data showed by NSE.
On Thursday afternoon, the issue had received bids for over 164.71 crore equity shares against IPO size of more than 10.02 crore equity shares, according to the data. Now State Bank of India Cards is the second-largest credit card issuer in the country with a market share of 18%. State Bank of India Cards has fixed a price band of Rs 750-755 per equity share for bidding under the IPO.
The problem that the credit card arm of India’s largest lender SBI aims to raise about Rs 10,350 crore on March 2 had started receiving bids.
The SBI Cards IPO bids made in lots of 19 shares. One lot will cost an investor Rs 14,345 on the higher end of the price band.
On Monday, the first day of the bidding, the SBI Card IPO was subscribed 38.87%, on Tuesday, it reached 87%, while at the end of Wednesday, it got oversubscribed more than 15 times. Users can check here for the latest stock marketing updates.