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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

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

<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

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

(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

(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, 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

(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

<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

Mumbai, Feb 25 () The second largest card issuer SBI Cards &amp; Payment Services, which is hitting the primary market with a Rs 9,000-crore initial public offering, has set the price band for the share sale at Rs 750-755. The IPO, opening on March 2 and closing on 4, comprises fresh issue of equity shares aggregating to Rs 500 crore and an offer for sale where promoters will offload nearly 13 crore shares. Promoters SBI and Carlyle Group will offload 3.73 crore shares and 9.32 shares respectively. SBI holds 74 per cent in SBI Card and the rest by the Carlyle Group and they will pare their stakes by 4 per cent and 10 per cent respectively, SBI Managing Director Dinesh Khara told reporters kicking of the IPO roadshow. SBI Card's market share in terms of the number of credit cards outstanding is 18 per cent. The pure-play credit card company's gross NPA stood at 2.47 per cent in December 2019 compared to 2.44 per cent in March 2019 and 2.83 per cent in March 2018, he said. SBI Card managing director and chief executive Hardayal Prasad attributed the spike in gross NPAs in March 2018 to the entry into new markets post-demonetisation but it did not generate the desired results. "We were testing some waters but it didn't work out the way we were thinking and the delinquency went up to 2.8 per cent. We have worked assiduously in terms of reducing the numbers, and 2.4-2.5 per cent is what we are continuously looking at and would like to maintain it," Prasad said. SBI Card was launched in October 1998 by SBI and GE Capital but in December 2017, GE sold back its stake to State Bank of India and the Carlyle Group. Talking about the merchant discount rate (MDR), Khara said MDR has not been removed for credit cards but only for debit cards. MDR is the fee collected by banks from merchants processing the transactions. Last December, Finance Minister Nirmala Sitharaman had said no MDR charges would be applicable on transactions through RuPay and UPI platforms from January 1, 2020. HV MRMR

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

PTI

SBI Cards IPO subscribed 39 pc on first day of bidding

PTI

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

Navdeep Yadav

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

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

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

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

PTI

SBI Cards IPO subscribed 15.49 times on third day of bidding

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

Sriram Iyer

SBI Cards & Payment Services sets IPO price band at Rs 750-755

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