SBI Cards IPO oversubscribed by 15 times on Day 3
To begin with, the IPO of the SBI Cards and Payment Services remained oversubscribed at 15.18 times on March 4th. So then, this stood as the third day of bidding. Besides, SBI cards came up as the biggest public issue after GIC Re which floated in October 2017.
However, the issue has so far received bids for over 15.29 crores equity shares against IPO size of more than 10 crores equity shares. Also, today, March 4th remained the last for qualified institutional bidders. And their reserved portion stood about 57.18 times subscribed. Moreover, the issue would remain open until tomorrow, March 5th, for all other investors.
Besides, the portion set aside for non-institutional investors witnessed 1.46 times subscription. While that of retail bidders stood at 1.74 times. However, the reserved portion of employees, for whom the country’s second-largest card issuer would offer shares at Rs 75 on the final IPO price.
Moreover, the firm had launched its Rs 10,355 crores public issue on March 2. So then, this comprises a fresh issue of Rs 500 crores and offer for sale of over 13 crores shares. These, however, would come offered by parent firm State Bank of India and CA Rover Holdings.
Despite this, the firm spends registered a growth of CAGR 32% to reach Rs 6 lakh crores. And going forward it seems anticipated to reach Rs 15 lakh crores as of fiscal 2024. This stands 2.5 times over this fiscal 2019.