SBI Cards IPO subscribed 87 pc on second day of bidding
The public offer received bids for 8,75,37,636 shares against the total issue size of 10,02,79,411 shares, as per data available with the NSE.
The portion meant for qualified institutional buyers (QIBs) was subscribed 21 per cent, for non-institutional investors 47 per cent, and that for retail individual investors 1.21 times, according to merchant banking sources.
The initial public offer (IPO) comprises a fresh issue of Rs 500 crore and an offer for sale of 13,05,26,798 shares, including anchor portion of 3,66,69,589 shares.
Price range for the issue has been fixed at Rs 750-755 per share. SBI Cards expects to raise around Rs 10,355 crore through the IPO.
The company has raised Rs 2,769 crore from 74 anchor investors.
The issue will close on Wednesday for QIB bidders, while for all other bidders it will close on Thursday.
Kotak Mahindra Capital Company, Axis Capital, DSP Merrill Lynch, HSBC Securities and Capital Markets (India), Nomura Financial Advisory and Securities (India) and SBI Capital Markets are managing the issue.
The State Bank of India holds 76 per cent stake in SBI Cards, while the rest of the stake is held by Carlyle Group. SUMRVK