SBI Cards Listing May Be At A Discount To Issue Price On Monday

While even for the issue of SBI Cards for open for public subscription there was heightened interest being created for it as in the grey market, the stock commanded a huge premium.

Nonetheless, given the huge rout that Indian markets witnessed on global cues and the pandemic, traders in the grey market hint at a possible listing of the SBI Cards counter even at a discount to the issue price of Rs. 755 per share.

As per a CNBC TV 18 report, while the rates in the grey market are informal and negotiated beyond the perview of stock market mechanism they do very will give the sentiment on the stock. And as per them the stock was quoting at Rs. 50 discount to the issue price.

Earlier, just before there was bloodbath across stock markets world over the stock of SBI Cards commanded a price of over Rs. 350 i.e. a premium of Rs. 350 to the issue price, indicating a possible listing at around Rs. 1000 per share.

Also, when the shares were being allotted as per the IPO process, some of the investors amid market frenzy preferred to get their cash back instead of SBI Cards shares being allotted in their portfolio.

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