SBI Cards IPO Fully Subscribed On Day 3

On Wednesday, the third day of bidding, the initial public offering (IPO) of SBI Cards and Payment Services was subscribed 3.3 times. The issue has received bids for more than 33.25 crore equity shares against its offer for 10 crore shares, according to data on the stock exchanges.

SBI Cards IPO is the fifth largest issue in the country in terms of size and will close on 5 March for retail investors. The last day of bidding is open exclusively for retail investors.

As of 12 pm on 4 March, the portion reserved for non-institutional investors was subscribed 61.97 percent and retail section saw 1.45 times bids.

The portion reserved for employees of SBI Cards was subscribed 1.86 times and that of SBI shareholders saw 1.77 times subscription.

Kotak Mahindra Capital, Axis Capital, DSP Merryl Lynch, Nomura Financial Advisory, HSBC Securities and SBI Capital Markets are managing the issue.

The State Bank of India holds 76 percent stake in SBI Cards, its credit card issuing arm. The rest of the stake in the firm is held by Carlyle Group. The IPO includes OFS (offer for sale) of 3.72 crore share-sale by SBI and up to 9.32 lakh shares on offer by Carlyle Group, as per the IPO's prospectus.