New Delhi: SBI Cards and Payment Services, the credit card unit of the country’s largest bank, State Bank of India, has received IPO permission from SEBI. The company applied to Sebi in November for this. SEBI has given its approval to the company on 11 February.
As per the application documents SBI Card will offer up to 130,526,798 shares in this IPO. Of this, 37,293,371 shares will be offered for sale by SBI and 93,233,427 shares will be offered for sale by Carline Group. State Bank holds 76 per cent stake in SBI Cards and the rest is held by the Carlyle Group. According to market sources, the size of this IPO is estimated to be over Rs 6,000 crore.
SBI Card is the country’s largest credit card issuer, with a market share of 18 per cent. In December 2019, SBI Chairman Rajnish Kumar had said that the IPO of SBI Card will be released very soon.
