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SBI Cards and Payment Services has raised Rs 2,769 crore from 74 anchor investors, ahead of its initial share sale starting on March 2. Anchor investors are institutional investors who are offered shares in an initial public offering (IPO) ahead of its opening. Singapore government, Monetary Authority of Singapore, HDFC Mutual Fund, Government Pension Fund Global and Birla Mutual Fund, are among the anchor investors. Shares have been allotted at the offer's upper price band of Rs 755 apiece, as per a regulatory filing. There are 12 mutual funds among the 74 anchor investors, who have been allocated 3,66,69,589 shares and its value stood at Rs 2,768.55 crore. The price band for the share sale -- which would be open from March 2 to 5 -- has been fixed at Rs 750-755 apiece. SBI Cards expects to raise around Rs 9,000 crore through the IPO. As per draft paper for the IPO, SBI Cards would offer up to 130,526,798 equity shares through an offer-for-sale route. This would include offloading of up to 37,293,371 shares by SBI and 93,233,427 scrips by Carlyle Group. In addition, the company would issue fresh equity shares worth Rs 500 crore. SBI holds 76 per cent in SBI Cards and the rest of the stake is held by Carlyle Group.

Singapore government, HDFC Mutual Fund, Birla Mutual Fund invest in SBI cards and payment services

(Eds: Adding details) New Delhi, Mar 5 () Eliciting a robust response, the initial share sale of SBI Cards and Payment Services was subscribed 22.45 times on the final day of bidding on Thursday even as the broader market sentiment remained at a low ebb on coronavirus concerns.The Initial Public Offer (IPO) of SBI Cards, part of the country's largest public sector lender SBI, is also one of the largest share sale in recent times, both in terms of size and oversubscription.More than 225 crore bids were received for the offer worth Rs 10,355 crore. A total of 10 crore shares were up for bidding, as per NSE data till 1830 hrs.Non-institutional investors category was subscribed 45 times and retail individual investors 2.5 times, according to merchant banking sources.Sources said there was blockbuster response to SBI Cards IPO despite challenging market conditions and that the offer has been subscribed more than 26 times. For Qualified Institutional Buyers (QIB), the issue closed on Wednesday and for all other bidders it closed on Thursday. The QIB category was subscribed 57.18 times, as per the NSE data. The offer comprised fresh issue of shares worth Rs 500 crore and an offer-for-sale of 13,05,26,798 shares, including anchor portion of 3,66,69,589 shares. At the upper end of the Rs 750-755 apiece price band, the sale would fetch Rs 10,355 crore. SBI Cards IPO is among the largest in terms of oversubscription value in at least 12 years. The initial share sales of Reliance Power and Coal India had attracted more interest during this period.Over 37 lakh applications were received for SBI Cards offer, generating demand to the tune of Rs 2 lakh crore, the sources said.The company had raised Rs 2,769 crore from 74 anchor investors on February 29.Currently, State Bank of India (SBI) holds 76 per cent stake in SBI Cards while the rest is with Carlyle Group. 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 the managers to the offer. SUM RAM MRMR

SBI Cards IPO elicits strong investor response; gets subscribed over 22 times

New Delhi, Mar 2 () The initial public offer of SBI Cards and Payment Services was subscribed 39 per cent on the first day of bidding on Monday.The IPO received bids for 3,94,54,754 shares against the total issue size of 10,02,79,411 shares, as per data available with the NSE.The portion reserved for retail investors was subscribed 62 per cent while those of non institutional investors 12 per cent, according to merchant banking sources.On the first day of bidding itself, the public offer received 8.52 lakh applications, they added.The initial public offer (IPO) comprises a fresh issue of Rs 500 crore and an offer for sale of 13,05,26,798 equity shares including anchor portion of 3,66,69,589 equity shares.Price range for the offer has been fixed at Rs 750-755 per share.SBI Cards expects to raise around Rs 10,355 crore through the IPO.SBI Cards and Payment Services has raised Rs 2,769 crore from 74 anchor investors.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 offer.For QIB bidders, the issue will close on Wednesday and for all other bidders it will close on Thursday.SBI holds 76 per cent stake in SBI Cards and the rest of the stake is held by Carlyle Group. SUM ANUANU

SBI Cards IPO subscribed 39 pc on first day of bidding

(Eds: Updating with closing data) New Delhi, Mar 4 () Initial public offer of SBI Cards and Payment Services was subscribed 15.49 times on the third day of bidding on Wednesday.The company's IPO received bids for more than 155 crore shares against the total issue size of 10 crore shares, as per the NSE data.The category meant for qualified institutional buyers (QIBs) was subscribed 56.66 times, non institutional investors 2.19 times and retail individual investors 1.77 times, as per merchant banking sources.For QIB bidders, the issue closed on Wednesday and for all other bidders it will close on Thursday.The initial public offer 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 offer 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.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 the managers to the IPO.State Bank of India holds 76 per cent stake in SBI Cards, while the rest of the stake is held by Carlyle Group. SUMBAL

SBI Cards IPO subscribed 15.49 times on third day of bidding

New Delhi, Mar 3 () The initial public offer of SBI Cards and Payment Services was subscribed 87 per cent on the second day of bidding on Tuesday. 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

SBI Cards IPO subscribed 87 pc on second day of bidding

New Delhi, Feb 28 () SBI Cards and Payment Services' initial public offer of around Rs 9,000 crore will open for subscription on March 2 amid volatile stock markets due to deepening concerns over coronavirus outbreak. For qualified institutional buyers (QIBs), the subscription will close on March 4 while the issue closes on March 5, SBI Cards and Payment Services managing director and chief executive Hardayal Prasad said on Friday. SBI Cards has set the price band at Rs 750-755 for the share sale. According to drafts paper, the proceeds from the IPO will be used to augment the firm's capital base to meet future capital requirement. "The net proceeds are proposed to be utilised for augmenting our Company's capital base which will be utilised towards company's business and growth including towards extending credit to our customers, meeting our operating expenditure and future working capital requirements which are expected to arise out of the growth of our business," it said. According to the draft papers, SBI Cards will offer up to 130,526,798 equity shares through an offer-for-sale route. This will include up to 37,293,371 share sale by SBI and up to 93,233,427 shares on offer by Carlyle Group. In addition, the company will also issue fresh equity shares of Rs 500 crore. SBI holds 76 per cent in SBI Cards and the rest of the stake is held by Carlyle Group. SBI Cards is the second-largest credit card issuer in India with an 18 per cent market share, Prasad said. The IPO is hitting the market at a time when investor sentiment is shaken by growing coronavirus concerns. Market benchmark index Sensex plummeted 1,448 points on Friday following a manic global selloff as market participants fretted over the impact of the rapidly-spreading coronavirus. According to analysts, markets are increasingly getting worried about the rapid outbreak of coronavirus across geographies and the consequent economic fallout. SRS MRMR

SBI Cards and Payment Services' IPO open for subscription between Mar 2-5

<ul><li>The shares of India’s second largest credit card issuer are down by over 33% since listing. </li><li>There is growing fear of default by those with credit card debt in India as coronavirus lockdown has brought business to a standstill and threatens large-scale unemployment. </li><li>However, it is backed by the country’s largest bank, which is owned by the government. </li><li>There is headroom for long-term growth as there are only 4 credit cards for every 100 persons in India. </li></ul>The over 15% fall in SBI Cards and Payments Services share price on Monday (April 13) has taken the stock to ₹505⁠— over 33% below the issue price of ₹755 a piece. Essentially, ₹10,000 invested in SBI Cards during the IPO is worth ₹6,700 now⁠, about a month after it got listed in the stock markets. The lockdown to contain the spread of Covid-19 novel coronavirus has brought business to a standstill and <a href="https://www.businessinsider.in/careers/news/over-136-million-jobs-are-at-risk-due-to-corona-lockdown-here-are-the-worst-hit-sectors/articleshow/74941658.cms" data-type="tilCustomLink" target="_blank">threatens large-scale unemployment</a>. Investors fear that this may lead to defaults by credit card owners and therefore, SBI Cards, India’s second largest credit card issuer is being dumped in the stock market. <div type="Article" hostid="261" msid="74907443" title="Top Indian banks with the biggest chunks of loans to individual borrowers⁠— and coronavirus has triggered a huge risk" mstype="2" mssubtype="0"></div> <div type="image" title="sbi cards" msid="75126478" hostid="261" caption="&amp;lt;p&amp;gt;SBI Cards share price has lost 33% of its value since its listing last month.&amp;lt;/p&amp;gt;"></div> Just about a month ago, before the coronavirus pandemic engulfed the world, the prospects seemed very robust for SBI Cards. And that was one of the reasons why some of the biggest mutual fund houses bet big money on the company in March 2020. <table style="width: 270pt;"> </colgroup> <tbody><tr> <td class="xl65" style="height:15.0pt;width:154pt">Mutual Fund House</td> <td class="xl66" style="border-left-width: initial; border-left-style: none; width: 116pt;">Investment in SBI Cards in March 2020</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Aditya Birla Sunlife</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹134 crore</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Axis </td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹161 crore</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Edelweiss</td> <td class="xl69" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹44 crore</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">HDFC</td> <td class="xl69" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹666 crore</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Kotak</td> <td class="xl69" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹169 crore</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Mirae</td> <td class="xl69" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹117 crore</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Tata</td> <td class="xl69" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹81 crorre</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">LIC</td> <td class="xl69" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹57 crore</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">DSP </td> <td class="xl69" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹25 crore</td> </tr> <tr> <td class="xl70" style="height: 15.75pt; border-top-width: initial; border-top-style: none;">IDFC</td> <td class="xl71" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹17 crore</td> </tr></tbody></table>*Source: Edelweiss Firsty, it is backed by the country’s largest bank, which is owned by the government. Secondly, there is a huge headroom for long-term growth as there are only 4 credit cards for every 100 persons in India. That’s an abysmally low and the penetration level can only go up from here. <div type="image" title="credit card penetration in india (1)." msid="75126551" hostid="261" caption="&amp;lt;p&amp;gt;There is a huge headroom for long-term growth as there are only 4 credit cards for every 100 persons in India. &amp;lt;/p&amp;gt;"></div> It is expected that the total credit card spend in india would exceed ₹15 lakh crore (over $200 billion) in the next five years. And SBI Cards can corner a huge chunk of this market waiting to explode. <div type="Article" hostid="261" msid="74656454" title="SBI Cards lists on the worst possible day and its stock slips 13% on debut" mstype="2" mssubtype="0"></div> Competition India’s credit card market is controlled by four companies⁠— HDFC Bank, SBI Cards, ICICI Bank, and Axis Bank in the descending order of market share⁠— who together control two-thirds of all credit card debt. <div type="image" title="india credit card market share (1)." msid="75126578" hostid="261" caption="&amp;lt;p&amp;gt;SBI Cards is India&amp;#39;s second largest credit card issuer after HDFC Bank.&amp;lt;/p&amp;gt;"></div> Policies enabling credit card usage The Narendra Modi government has been in favour of non-cash transactions and that is a big advantage for companies like SBI Cards. “Specially e-commerce industry has helped the growth of credit card usage and spending in India which is expected to grow in near future will boost the growth of credit cards as well,” a report from KR Choksey Securities explained. <div type="image" title="digital payments." msid="75126590" hostid="261" caption="&amp;lt;p&amp;gt;&amp;lt;span&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;span&amp;gt;The Indian government has been in favour of non-cash transactions and that is a big advantage for companies like SBI Cards. &amp;lt;/span&amp;gt;&amp;lt;/p&amp;gt;"></div> SEE ALSO: <a href="https://www.businessinsider.in/business/news/country-sees-101-ipos-in-mar-quarter-median-deal-size-just-usd-1-mn/articleshow/74830032.cms" data-type="tilCustomLink" target="_blank">India sees 10 IPOs between Jan and March 2020</a> <a href="https://www.businessinsider.in/finance/news/how-to-avail-three-month-moratorium-for-sbi-emi-and-credit-cards/articleshow/74945199.cms" data-type="tilCustomLink" target="_blank">How to avail three-month moratorium for SBI EMI and credit cards</a> <a href="https://www.businessinsider.in/finance/news/how-to-register-online-for-sbi-internet-banking-using-atm-card/articleshow/75004937.cms" data-type="tilCustomLink" target="_blank">How to register online for SBI internet banking using ATM card</a>

₹10,000 invested in SBI Cards during IPO is worth about ₹6,700 now⁠— here’s why

<ul><li><keyword id="116253" type="General" weightage="20" keywordseo="sbi-cards" source="Orion">SBI Cards</keyword> is the second largest issuer of <keyword id="12065182" type="General" weightage="20" keywordseo="credit-cards-in-india" source="Orion">credit cards in India</keyword>.</li><li>As of July 2021, every fifth credit card issued in India was by SBI Cards.</li><li>With the company’s credit card business bouncing back, find out what analysts have to say.</li></ul>SBI Cards share price fell by over 4% on Tuesday (September 21) after US-based private equity firm, The Carlyle Group offloaded a 3.4% stake in the company, mopping up approximately ₹3,267 crore from the markets. The slump in SBI Cards’ share price today is on expected lines, since Carlyle Group’s price band was ₹1,021-1,072. Shares were trading around ₹1,025 as of 11:00 a.m., on September 21. <div type="image" title="SBI Cards 01_08_21 to 21_09_21." msid="86390687" hostid="261" caption="&amp;lt;p&amp;gt;SBI Cards share price since August&amp;lt;/p&amp;gt;"></div> The Carlyle Group held a 15.89% stake in SBI Cards when the company listed on the Indian stock exchanges in March 2020. Since then, it has pared its stake multiple times, and with the most recent sale, its holding is down to 3.14%. However, for existing investors in the company, there’s good news on the horizon. Analysts at Edelweiss are bullish on the company and its future prospects. “We view SBI Cards as a concept stock offering high-growth and high-returns by the only listed player of its kind for a foreseeable future. It would thus sustainably command a premium accorded to few Indian stocks,” stated an Edelweiss report dated September 15. It's not just the analysts at Edelweiss who are bullish on the company. Here are a few brokerage recommendations for SBI Cards: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Target price </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Upside </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Edelweiss </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹1,350 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">32% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">ICICI Direct </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹1,200 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">17% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹1,200 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">17% </td></tr></tbody></table> <cmsannotation type="cmsannotation" annotationid="Credit card business is bouncing back" comment="subhead" text="Credit card business is bouncing back">Credit card business is bouncing back</cmsannotation> SBI Cards posted a strong comeback in the June quarter, reporting a sharp jump in earnings and lower provision for bad debts. Here’s a quick look at some of the key metrics of SBI Cards’ financial performance: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Jun-21 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Mar-21 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Jun-20 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Net interest income </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹924 cr </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹828 cr </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹1,138 cr </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹3,046 cr </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹1754 cr </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹3,933 cr </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Net NPA </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">0.9% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">1.2% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">0.4% </td></tr></tbody></table>Source: Company reports While its performance is still not back to the levels of the previous year, SBI Cards has posted a substantial improvement across all the three metrics compared to the previous quarter. Analysts at Motilal Oswal predict that it’s only going to get much better from here onwards. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">FY22 (est.) </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Net interest income </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹4,006 cr </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹3,884 cr </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹1,664 cr </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹985 cr </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Net NPA </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">1% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">1.2% </td></tr></tbody></table>Source: Motilal Oswal Given that SBI Cards is the second largest credit card issuer in the country, it bodes well for both the company as well as its shareholders. <div type="image" title="Credit Card market share July 2021." msid="86390698" hostid="261" caption="&amp;lt;p&amp;gt;Credit Card market share in July 2021&amp;lt;/p&amp;gt;"></div> “Spends have started showing a gradual improvement from Jun’21. The same is likely to rise further, as economic activity picks up and restrictions ease,” stated a Motilal Oswal report dated July 24. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/collapse-of-evergrande-may-haunt-tata-steel-jspl-nalco-and-other-metal-stocks/articleshow/86387294.cms">The collapse of Evergrande, one of China’s largest home developers, is “not a Lehman moment” but the fear may haunt steel and metal stocks in India</a> <a href="https://www.businessinsider.in/stock-market/news/sbi-cards-adani-ports-hcl-tech-and-other-top-stocks-to-watch-out-for-on-september-21/articleshow/86386406.cms">SBI Cards, Adani Ports, HCL Tech and other top stocks to watch out for on September 21</a> <a href="https://www.businessinsider.in/business/corporates/news/how-mukesh-ambani-owned-reliance-industries-crossed-the-15-lakh-crore-market-capitalisation/articleshow/85896448.cms">All the things that drove Reliance Industries’ shares to a 11-month high and over the coveted ₹15 lakh crore mark</a>

SBI Cards is down as Carlyle dumps shares but the credit cards business is bouncing back

(Eds: Updating with fresh inputs) New Delhi, Mar 4 () SBI Cards and Payment Services initial public offer was subscribed 15.15 times so far on the third day of bidding on Wednesday.The initial public offer (IPO) received bids for over 151 crore shares against the total issue size of 10 crore shares, as per data available with the NSE till 1615 hours.The 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 offer 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.For QIB Bidders the issue will close on Wednesday and 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 the managers to the offer.State Bank of India holds 76 per cent stake in SBI Cards, while the rest of the stake is held by Carlyle Group. SUMBAL

SBI Cards IPO subscribed 15.15 times so far on third day of bidding

New Delhi, Mar 4 () The initial public offer of SBI Cards and Payment Services was subscribed 2.51 times so far on the third day of bidding on Wednesday. The initial public offer (IPO) received bids for 25,12,78,800 shares against the total issue size of 10,02,79,411 shares, as per NSE data till 1200 hrs. The 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 offer 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. For qualified institutional buyers (QIB) the issue will close on Wednesday and 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 the managers for the offer. State Bank of India holds 76 per cent stake in SBI Cards, while the rest of the stake is held by Carlyle Group. SUM ANSANS

SBI Cards IPO subscribed 2.51 times so far on third day of bidding

New Delhi, Mar 5 () The initial public offer of SBI Cards and Payment Services was subscribed 22.45 times on the final day of bidding on Thursday.The IPO to raise around Rs 10,355 crore received bids for over 225 crore shares against the total issue size of 10 crore shares, as per NSE data till 18:30 hours.Non institutional investors category was subscribed 45 times and retail individual investors 2.5 times, according to merchant banking sources.For qualified institutional buyers (QIB), the issue closed on Wednesday and for all other bidders it closed on Thursday. The QIB category was subscribed 57.18 times, as per NSE data. The initial public offer 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 IPO was fixed at Rs 750-755 per share.The offer received over 37 lakh applications generating demands of Rs 2 lakh crore, merchant banking sources added.The company had raised Rs 2,769 crore from 74 anchor investors.State Bank of India holds 76 per cent stake in SBI Cards, while the rest is held by Carlyle Group. 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 the managers to the offer. SUM ANUANU

SBI Cards IPO subscribed 22.45 times on final day of bidding

<ul><li><keyword id="3519758" type="PERSON" weightage="20" keywordseo="route-mobile">Route Mobile</keyword> made a strong debut on the bourses on Monday, surging 105% over its initial public offer (IPO) price.</li><li>Route Mobile issued the IPO at a price band of ₹350, but it listed at ₹717 apiece. </li><li>Route Mobile’s total market cap rose to ₹3,980 crore at 10:05 am.</li></ul>The cloud communication platform services provider, Route Mobile, made a strong debut on the bourses on Monday, surging 105% over its initial public offer (IPO) price. The company had garnered a stellar response from investors in its ₹600-crore IPO, which closed on September 11 with a whopping oversubscription of 73.30 times. Investors who applied for the IPO are being rewarded with hefty gains. Route Mobile issued the IPO at a price band of ₹350, but it listed at ₹717 apiece, with an upside of 105%. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top IPOs this year </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Listing gains </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Happiest Minds Technologies Ltd </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">138% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rossari Biotech Ltd </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">65% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI Cards and Payment Services Ltd </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-12% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mindspace Business Parks </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.55% </td></tr></tbody></table> However, the weakness in the market weighed on the shares and it was trading 9% lower at ₹646 a piece at 10:12 am. <div type="image" title="Route Mobile" msid="78227918" hostid="261"></div> Route Mobile’s total market cap rose to ₹3,980 crore at 10:05 am. A total traded quantity of 10.31 lakh shares changed hands on BSE amounting to a turnover of ₹73.76 crore. The company will trade with the symbol of ‘ROUTE’ on the Indian stock exchanges. The bumper listing was already on the cards! After a strong debut of Happiest Minds Tech last week, Route Mobile was already expected to witness stellar listing. Its monopoly in the sector is something that makes the company stand out in the IPO rush. Ahead of its IPO, the company had already raised ₹180 crore from 15 anchor investors, including Goldman Sachs, Franklin Templeton Mutual Fund, and SBI Life Insurance, Kuwait Investment Authority, Vantage Equity Fund, and SBI Life Insurance, among others. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/airtel-seems-to-be-sticking-to-its-strengths-while-its-shareholders-want-jio-like-fireworks/articleshow/78222570.cms" data-type="tilCustomLink">Airtel seems to be sticking to its strengths while its shareholders want Jio-like fireworks</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-future-group-stocks-irctc-rites-sbi-bank-of-india-pnb-and-more/articleshow/78226309.cms" data-type="tilCustomLink">Top stocks to watch— Future Group stocks, IRCTC, RITES, SBI, Bank of India, PNB and more</a>

After Happiest Minds Tech, Route Mobile doubles the money invested in the IPO

<ul><li>The SGX Nifty was trading 0.81% lower at 7:55 am, indicating a negative start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Even amid positive cues from the global markets, the Indian equities are likely to open in the red on Thursday. The SGX Nifty was trading 0.81% lower at 7:55 am, indicating a negative start for Nifty50. However, the US stock markets also soared on Wednesday, as investors shrug off the undecided election. The Dow Jones Industrial Average closed 368 points higher, and the S&amp;P 500 gained 2.2%. These are the stocks to watch out for during the trading session on November 5: PVR and Inox Leisure PVR and Inox Leisure stocks will be in focus during the trade today after <a href="https://www.businessinsider.in/india/news/maharashtra-government-allows-reopening-of-cinema-halls-with-50-capacity-from-november-5/articleshow/79041693.cms?upcache=2">the Maharashtra Government has now allowed cinema halls</a> to open in areas outside containment zones with 50% of their seating capacity from today. The shares of PVR and Inox Leisure ended 1% and 2% higher on Wednesday, respectively. HPCL The board of the Hindustan Petroleum (HPCL) approved a ₹2,500 crore share buyback plan as the company management feels the share price is lower than the value it deserves. In a stock exchange filing, HPCL said it would buy back up to 10 crore shares for no more than ₹250/share. The net profit of the company also nearly doubled in the second quarter led by a surge in refining margins and inventory gains. The net profit in July-September stood at ₹2,477 crore as compared to ₹1,052 crore in a year-ago period. The shares of HPCL ended 0.83% higher on Wednesday, SBI Cards SBI Cards and Payment Services (SBI Card) has launched credit cards in partnership with the digital payment platform Paytm. Available in two variants, Paytm SBI Card and Paytm SBI Card SELECT, the product has been launched on the Visa platform. The shares of SBI Cards ended 0.53% higher on Wednesday, JK Lakshmi JK Lakshmi Cement reported an 86.90% rise in consolidated net profit to ₹92.93 crore for the second quarter ended September 30, helped by cost reduction. The revenue from operations rose 11.79% to ₹1,131.74 crore during the quarter under review. The shares of JK Lakshmi ended 4% higher on Wednesday, Jubilant Life Sciences The board of Jubilant Life Sciences approved raising up to ₹100 crore via non-convertible debentures (NCD). The shares of Jubilant Life Sciences ended 2% higher on Wednesday, Pidilite Industries Fevicol maker Pidilite Industries reported a 9.66% increase in consolidated net profit to ₹356.44 crore for the quarter ended September 30. The company’s revenue from operations rose 4.08% at ₹1,880.33 crore during the quarter under review. The shares of Pidilite Industries ended 0.36% lower on Wednesday, Aditya Birla Capital, Adani Power, Berger Paints India and Emami Aditya Birla Capital, Adani Power, Berger Paints India and Emami are slated to report their second-quarter earnings today. SEE ALSO:<a href="https://www.businessinsider.in/politics/world/news/here-are-trump-and-bidens-paths-to-victory-based-on-where-the-election-currently-stands/articleshow/79044299.cms" data-type="tilCustomLink"> How Trump and Biden can win based on where the election stands now</a> <a href="https://www.businessinsider.in/business/auto/news/india-may-announce-vehicle-scrappage-policy-soon-and-this-is-what-it-means-for-consumers-and-new-buyers/articleshow/79041346.cms" data-type="tilCustomLink">India is looking to bring in the vehicle scrappage policy soon — here’s what it means for you</a> <a href="https://www.businessinsider.in/finance/banks/news/sbis-profit-jumps-over-50-in-q2-plans-to-outperform-the-industry-in-credit-growth/articleshow/79039165.cms" data-type="tilCustomLink">SBI’s profit jumps over 50% in Q2 — India’s largest bank plans to outperform the industry when it comes to credit growth</a>

Top stocks to watch — PVR, Inox Leisure, SBI Cards, HPCL, Pidilite Industries, Adani Power, Berger Paints, and others

(Eds: Updating with closing price) New Delhi, Mar 16 () Shares of SBI Cards and Payment Services made a weak debut at the bourses on Monday plunging over 10 per cent against its issue price of Rs 755 as coronavirus fears continued to hurt investor sentiment. The scrip listed at Rs 658, dropped 12.84 per cent from its issue price on the BSE. During the day, it touched high of Rs 755 and a low of Rs 658. Later, it plunged 9.50 per cent to close at Rs 683.20. On the NSE, the scrip tanked 10.19 per cent to close at Rs 678. The company's market valuation stood at Rs 64,149.53 crore at close of trade on the BSE. The drop in the company's scrip was in-line with a weak broader market, where the BSE benchmark plummeted over 2,700 points. On traded volume terms, 41.67 lakh shares were traded on the BSE and 6.08 crore shares on the NSE during the trade. The initial public offer of SBI Cards and Payment Services, part of the country's largest public sector lender SBI, was one of the largest share sale in recent times, both in terms of size and oversubscription. It was subscribed over 22 times earlier this month. Price range for the IPO was fixed at Rs 750-755 per share. 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 were the managers to the offer. SUM SHWSHW

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