SBI Cards IPO over-subscribed, bids received for 151 cr shares

#dailynews60 : SBI Cards and Payment Services initial public offer was subscribed 15.15 times so far on the third day of bidding on Wednesday.

The initial public offer (IPO) received bids for over 151 crore shares against the total issue size of 10 crore shares, as per data available with the NSE till 1615 hours.

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.

Price range for the offer has been fixed at Rs 750-755 per share.

SBI Cards expects to raise around Rs 10,355 crore through the IPO.

The company has raised Rs 2,769 crore from 74 anchor investors.

For QIB Bidders the issue will close on Wednesday and for all other bidders it will close on Thursday.

Kotak Mahindra Capital Company, Axis Capital, DSP Merrill Lynch, HSBC Securities and Capital Markets (India), Nomura Financial Advisory and Securities (India) and SBI Capital Markets are the managers to the offer.

State Bank of India holds 76 per cent stake in SBI Cards, while the rest of the stake is held by Carlyle Group.