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SBI Cards IPO Fully Subscribed on Third Day

The initial public offering (IPO) of SBI Cards and Payments Services Ltd was fully subscribed on the third day of the bidding process amid a weak market. On Wednesday, the IPO received bids totalling 11.02 crore compared with 10.02 crore shares on offer.
The portion meant for qualified institutional buyers (QIBs) was subscribed 3.47 times, while that kept for non-institutional investors was subscribed 0.20 times. The retail portion was lapped up 0.40 times, according to data available on the National Stock Exchange.
For QIBs, the issue closes on 4 March and for others, the issue closes on 5 March. The IPO has been priced at Rs 750 at the lower end, while at the upper end the price has been fixed at Rs 755 apiece. SBI Cards expects to raise around Rs 10,355 crore through the offering.
The IPO comprises a fresh issue of Rs 500 crore and an offer for sale of 13,05,26,798 shares, including anchor portion of 3,66,69,589 shares. The company had raised Rs 2,769 crore from 74 anchor investors.
Bids can be made for a minimum of 19 equity shares and in multiples of 19 equity shares thereafter. So, the minimum amount required to place a bid is Rs 12,920. Retail investors, who also hold shares of the State Bank of India, can apply for shares in the retail as well as shareholder category. The initial allotment to an eligible SBI shareholder is capped at Rs 2,00,000.
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