SBI Cards IPO To Open On 2 March

The initial public offering (IPO) of SBI Cards and Payment Services, the credit card arm of State Bank of India (SBI), will open on 2 March, according to its prospectus. With 18 percent market share, it is India's second-largest credit card issuer.

The Rs 9,000 crore issue will offer fresh equity worth Rs 500 crore and up to 130.5 million shares through the offer-for-sale (OFS) route, the prospectus, dated 18 February showed.

The bidding process will close on 5 March.

The OFS will include up to 37,293,371 share sale by SBI and up to 93,233,427 shares on offer by Carlyle Group.
SBI holds 76 percent stake in SBI Cards and rest of the stake is held by Carlyle Group.

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