The initial public offering (IPO) of SBI Card will open on March 2 and close on March 5, State Bank of India said in a notification to the exchanges.
The initial public offer consists of a fresh issue worth ₹500 crore and an Offer for Sale of up to 13.05 crore shares.
The total offer aims to raise close to ₹10,000 crore. SBI Card is a subsidiary of State Bank of India, the country’s largest lender.
“State Bank has been informed by SBI Cards that the bid/offer opening will be on March 2, 2020 and bid/offer closing will be on March 5, 2020,” SBI said in a statement.
The subscription day for qualified institutional investors will close one working day prior to the closing date, that is, on March 4, 2020, the statement further added.
SBI Card is the second largest card issuer in the country after HDFC Bank, with a market share of 18%. State Bank of India holds 76% stake in SBI Card and the remaining is held by the Carlyle Group.
