New Delhi: Initial public offering (IPO) of SBI Card subscribed for 39 per cent shares on Monday, the first day of the bid set for general investors.
As per the data available on the National Stock Exchange, bids for 3,94,54,754 shares were received on the first day of this IPO. 10,02,79,411 shares are to be sold in this issue. According to merchant banking sources, 62 percent was subscribed to the account of shares reserved for retail investors while 12 percent was subscribed in the category of non-institutional investors. A total of 8.52 lakh applications were received prior to the bid.
The company will issue new shares worth Rs 500 crore under the IPO. In addition, 13,05,26,798 equity shares are being offered for sale through the stock exchanges. It also has 3,66,69,589 equity shares held for investors. The application price for the IPO has been kept at Rs 750-755 per share. SBI Card and Payment Services is expecting to raise Rs 10,355 crore from this issue. The company has raised Rs 2,769 crore through 74 large-scale investors. SBI holds 76 percent stake in SBI Card and the remaining stake is with the Carlyle Group. The IPO will close on March 5.
