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SBI Cards IPO Could Become The Biggest Of FY 2019-20: Report

By Staff
|

On Wednesday, the credit card arm of the State Bank of India- SBI Cards, filed its Draft Red Herring Prospectus (DRHP) for its initial public offering (IPO) with SEBI.

SBI Cards IPO Could Become The Biggest Of FY 2019-20: Report
State Bank of India: Quotes, News
BSE 314.80BSE Quote4.75 (-1.51%)
NSE 314.90NSE Quote4.5 (-1.43%)
 

The company will be offering up to 130,526,798 equity shares via offer for sale route, which will include up to 37,293,371 share sale by SBI and up to 93,233,427 shares on offer by Carlyle Group (CA Rover). In addition, the company will also issue fresh equity shares of Rs 500 crore.

SBI holds 76 percent in SBI Cards and rest of the stake is held by Carlyle Group.

Of the offer, up to 1,864,669 shares have been reserved for employees of the company whereas 13,052,680 have been reserved for SBI shareholders.

With a market share of 18 percent, SBI Cards is the second-largest credit card issuer in India.

At the end of 30 September, the company's net income was Rs 725.88 crore and its revenue was at Rs 4,677.20 crore.

Kotak Mahindra Capital, Axis Capital, DSP Merryl Lynch, Nomura Financial Advisory, HSBC Securities and SBI Capital Markets will are the book-running lead managers of the issue.

According to a Moneycontrol report citing sources, SBI Cards IPO could be the biggest issue of the financial year 2019-20 as the company seeks to gather Rs 8,000-9,500 crore from the issue and hit the markets before March 2020.

Read more about: ipo sbi cards
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