The initial public offer of SBI Cards and Payment Services, which closed for bidding on Thursday, was subscribed 22.45 times with bids received for nearly 225.1 crore equity shares as against 10.03 crore shares on offer in the price band of ₹750 to ₹755.
The segment reserved for retail investors, which closed for bidding on Thursday, was subscribed 2.50 times while that for high net worth individuals was subscribed more than 45 times. Further, the portion reserved for employees was subscribed nearly 4.75 times.
The segment reserved for institutional investors, which closed for bidding on Wednesday, was subscribed a little over 57 times with bids received for nearly 139 crore equity shares.
The public offering, with a size of over ₹10,000 crore, would see existing shareholders State Bank of India (SBI) and private equity major Carlyle diluting their stakes in the company. SBI Cards is the second-largest credit card issuer in the country with a market share of 18% on the back of almost 10 million cards.
SBI, which has a stake of 74% in the card company, would be offloading 4% stake by way of the offer while private equity major Carlyle will be diluting its stake by 10% (it currently holds 26% stake).
