SBI Card IPO lists at a 13% lower to its issue price
New Delhi: To begin with, the SBI Card IPO scrip lists at Rs 658 on the Bombay Stock Exchange. So then, this seems to exists at a 12.85% discount to its actual issue price of Rs 755.
Besides, on the National Stock Exchange, the scrip remained listed at Rs 661, down 12.45% against its issue price. However, the analysts kept anticipating that the stock would list at around Rs 780-800 apiece against the price of Rs 755.
Significantly, the issue remained open from March 2nd to March 5th and earned over 26 times subscriptions. And the quota reserved for qualified institutional buyers (QIB) remained subscribed at 57.18 times. While the non-institutional investors’ category earned 45.23 times subscriptions.
Earlier, the market expected a 30-35% listing for the mega issue due to the scrip’s high demand in the unlisted market. However, the recent correction in the secondary market had dampened investors’ sentiment a bit. Also, when the SBI Cards IPO came announced, the grey market premium for the stock stood at Rs 350 apiece.
Besides, the retail and employee portions remained subscribed 2.50 times and 4.74 times, respectively. The IPO came about at a fixed price band of Rs 750-755 per share for the IPO.
Despite this, the managers of the public issue include Kotak Mahindra Capital Company, Axis Capital, and DSP Merrill Lynch. It also includes HSBC Securities & Capital Markets (India), Nomura Securities, and SBI Capital Markets.