Business

SBI Cards files papers for ₹9,600 crore IPO

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130 million shares on offer for sale

SBI Cards and Payment Services Ltd., the credit card joint venture of State Bank of India, has filed a draft red herring prospectus with market regulator SEBI for an initial public offer (IPO) of ₹9,600 crore.

Most of the shares on offer for sale will come from SBI, which has 74% stake in SBI Cards, and CA Rover Holdings, which has 26%.

There will be fresh issue of shares of around ₹500 crore and offer for sale of 130 million shares. According to the offer document, SBI and CA Rover will offer 37.3 million, or 4%, and 93.2 million, or 10% shares, through the IPO.

Up to 1,864,669 shares have been reserved for employees and 13,052,680 for SBI shareholders. SBI Cards is the second-largest credit card issuer in the country after HDFC Bank with 9.5 million cards. It will be the second company among SBI’s arms to go public, after SBI Life Insurance Company.

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Printable version | Jan 28, 2020 11:05:25 PM | https://www.thehindu.com/business/sbi-cards-files-papers-for-9600-crore-ipo/article30099668.ece

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