Two massive achievements by SBI Card IPO even before listing - All you need to know
An unprecedented market buzz has already been created by SBI Card IPO by SBI Cards and Payment Services.
An unprecedented market buzz has already been created by SBI Card IPO by SBI Cards and Payment Services. Now, even before the listing, the initial public offering (IPO) has two massive achievements under its name. Here are the details:-
1st achievement - SBI Cards mops up Rs 2,769 cr from anchor investors
SBI Cards and Payment Services has raised Rs 2,769 crore from 74 anchor investors, ahead of its initial share sale starting on March 2.
- Anchor investors are institutional investors who are offered shares in an initial public offering (IPO) ahead of its opening.
- Singapore government, Monetary Authority of Singapore, HDFC Mutual Fund, Government Pension Fund Global and Birla Mutual Fund, are among the anchor investors.
- Shares have been allotted at the offer's upper price band of Rs 755 apiece, as per a regulatory filing.
- There are 12 mutual funds among the 74 anchor investors, who have been allocated 3,66,69,589 shares and its value stood at Rs 2,768.55 crore.
2nd achievement - SBI Card IPO subscribed 39% on Day 1
- Riding on its giant banking parent, SBI Card's mega IPO was subscribed 39 per cent on Day 1. State Bank of India (SBI) holds 76 per cent in SBI Cards and the rest of the stake is held by Carlyle Group.
- The public offer was subscribed 38.87 per cent on the first day of the bidding process on Monday.
- SBI Cards IPO received 3.91 crore bids compared to the issue size of 10.02 crore shares. Total 2.73 crore bids were received at a cut off price of Rs 755 per share.
SBI CARD IPO DETAILS
-The price band for the issue was fixed at Rs 750-755 and the minimum amount one can invest by subscribing to a lot of 19 shares is Rs 14,345.
- The price band for the share sale -- which would be open from March 2 to 5 -- has been fixed at Rs 750-755 apiece.
- As per draft paper for the IPO, SBI Cards would offer up to 130,526,798 equity shares through an offer-for-sale route. This would include offloading of up to 37,293,371 shares by SBI and 93,233,427 scrips by Carlyle Group.
- 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.
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