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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

Our experts answer readers' investing questions and write unbiased product reviews (<a href="https://www.businessinsider.com/personal-finance/investing-rating-methodology" class="not-content-link" target="_blank">here's how we assess investing products</a>). Paid non-client promotion: In some cases, we receive a commission from <a href="https://www.businessinsider.com/personal-finance/our-partners" class="not-content-link" target="_blank">our partners</a>. Our opinions are always our own.Bottom line: Cash App Investing - Product Name Only is best for beginners wanting to pick and choose their own stocks, ETFs, and fractional shares. Although a decent option for folks who are already banking through Cash App, Cash App Investing is rather lackluster when it comes to advanced trading tools, account flexibility, investment options, and features. It doesn't offer mutual funds, futures, or options trading. <h2>About Cash App Investing</h2>Cash App is an online banking and investing platform that offers accessible, commission-free trading of more than 1,800 <a href="https://www.businessinsider.com/personal-finance/how-to-invest-in-stocks">stocks</a> and ETFs when you open a brokerage account. You can open an online brokerage account through Cash App investing for free.The beginner-friendly platform provides investors with simplified, hands-on trading strategies on the go. You can also opt-in to get access to trade <a href="https://www.businessinsider.com/personal-finance/fractional-shares">fractional shares</a> and bitcoin. However, bitcoin is the only supported cryptocurrency currently on the platform. Cash App Investing - Product Name Only links to your bank account to let you transfer money to friends, family, and other users. The company also has a debit card that lets you use your account balance to make purchases. But it doesn't offer investment advice or portfolio recommendations. Nor does it offer an advanced trading platform, or assets like mutual funds, futures, or options trades. Check out the <a href="https://www.businessinsider.com/personal-finance/best-online-brokers-for-free-stock-trading">best free stock trading apps</a> for investing platforms similar to Cash App Investing. These apps offer low account minimums, financial tools, educational resources, commission-free trading, and more. <h3>Is Cash App Investing Right For You?</h3>If you're looking for simplified, low-cost banking and investing all on the same platform, then Cash App Investing may be a good option for you. You'll get access to a wide range of commission-free stocks and <a href="https://www.businessinsider.com/personal-finance/what-is-an-etf">ETFs</a>, as well as fractional shares and bitcoin. If you're already banking with Cash App, then opening a brokerage account is a no-brainer. But you may want to reconsider if you're looking for stronger trading tools, extensive educational content, or hands-off trading features. Crypto investors are also better off with one of the <a href="https://www.businessinsider.com/personal-finance/best-crypto-bitcoin-exchanges">best cryptocurrency exchanges</a> for access to a much larger selection of coins and tokens, and crypto-specific investing features. <h2>Cash App Investing: Overall Rating</h2><table style="border-collapse: collapse; width: 100%;" border="1"><tbody><tr><td style="width: 50%;">Feature</td><td style="width: 50%;">Insider rating (out of 5)</td></tr><tr><td style="width: 50%;">Fees </td><td style="width: 50%; text-align: center;">4.90</td></tr><tr><td style="width: 50%;">Investment selection </td><td style="width: 50%; text-align: center;">3.00</td></tr><tr><td style="width: 50%;">Access </td><td style="width: 50%; text-align: center;">3.80</td></tr><tr><td style="width: 50%;">Customer service </td><td style="width: 50%; text-align: center;">4.70</td></tr><tr><td style="width: 50%;">Ethics </td><td style="width: 50%; text-align: center;">3.50</td></tr><tr><td style="width: 50%;">Overall score</td><td style="width: 50%; text-align: center;">3.99</td></tr></tbody></table><h2>Cash App Investing: Pros and Cons</h2><table style="border-collapse: collapse; width: 100%; height: 287px;" border="1"><tbody><tr style="height: 22px;"><td style="width: 37.2078%; height: 22px;">Pros</td><td style="width: 37.7922%;">Cons</td></tr><tr style="height: 265px;"><td style="font-weight: normal; width: 37.2078%;"><ul><li>Commission-free stocks and ETFs</li><li>No minimum to open an account</li><li>Online banking and investing on the same platform</li><li>fractional shares and bitcoin trading</li></ul></td><td style="width: 37.7922%; height: 265px;"><ul><li>Limited tools and features</li><li>No advanced trading platform</li><li>No robo-advisor</li><li>Doesn't offer mutual funds, options, or futures</li><li>Only cryptocurrency available for trading is bitcoin</li></ul></td></tr></tbody></table><h3>Cash App Investing: Is it Trustworthy?</h3>Cash App currently has an A+ rating with the <a href="https://www.bbb.org/us/ca/oakland/profile/mobile-apps/cash-app-1116-919908" target="_blank" rel="noopener">Better Business Bureau</a> and has been BBB accredited since 2021. BBB ratings range from A+ to F and reflect the bureau's opinion of how well a company interacts with its customers.Before issuing ratings, the bureau also considers a company's time in business (including the type of business it is), customer complaint history, licensing and government actions, and advertising issues.In March 2023, Block Inc., the parent company of Cash App, was accused of allegedly allowing rampant crime and fraud on the platform. <a href="https://hindenburgresearch.com/block/" target="_blank" rel="noopener">Hindenburg Research</a> interviewed former Cash App employees who estimated that 40% to 75% of reviewed accounts were attached to another user, fake, or involved in fraud. These claims triggered an investigation by the SEC. Cash App currently denies these allegations. In 2022, a data breach lawsuit was filed against Block Inc. after 8.2 million users' personal data was hacked through the Cash App Investing platform after a former employee downloaded internal company reports without legal permission. Since Cash App Investing users were at greater risk of identity fraud and theft, <a href="https://www.kgglaw.com/class-action-lawsuits/cash-app-data-breach-class-action-lawsuit/" target="_blank" rel="noopener">KGG Law</a> filed a lawsuit against Block Inc. and Cash App for alleged negligence and is seeking monetary compensation for various damages. This case is still pending. <h2>How to Invest With Cash App Investing</h2>Anyone can open a self-directed brokerage account on Cash App for no minimum requirement. Cash App Investing - Product Name Only offers commission-free trading of over 1,800 stocks and ETFs, as well as fractional shares for as little as $1. When you sell stocks, ETFs, and other assets on Cash App Investing, the money from the sale will be automatically transferred into your Cash App Balance. Securities purchased through Cash App Investing are held by the platform's third-party custodian, DriveWealth LLC., and are separate from the regular Cash App balance. You can directly pull existing funds from your Cash App balance to purchase investment securities. There are only a handful of tools and features available with Cash App Investing, such as direct deposits, automatic recurring trades, stock analyst opinions and earnings, and market trend alerts. Moreover, <a href="https://www.businessinsider.com/personal-finance/what-is-bitcoin">bitcoin</a> investors can store their assets with the app's built-in bitcoin wallet. Cash App Investing does not offer IRAs, <a href="https://www.businessinsider.com/personal-finance/what-is-a-custodial-account">custodial accounts</a>, or education savings accounts. <h2>Cash App Investing Fees</h2>There is no minimum requirement to open a brokerage account with Cash App Investing. Stocks and ETFs are commission-free. Fractional shares start as low as $1 per trade but may be more depending on the stock. The price of buying bitcoin can vary, but Cash App doesn't charge additional fees on trades. Investors will be charged a trading activity fee of $0.000145 per share sold for equity trades. There's an SEC Fee of $0.0008 per $100 principal balance. <h2>Cash App Investing — Frequently Asked Questions (FAQs)</h2><h3 class="faq-question">Is investing on Cash App good?</h3>Investing on Cash App may be a good option for beginner, active traders wanting to trade commission-free stocks, ETFs, fractional shares, and bitcoin. However, there are plenty of other low-cost beginner-friendly investing apps with better trading features, account options, and resources. <h3 class="faq-question">Can you make money on Cash App stock?</h3>Yes. You can make money on Cash App when you trade stocks, ETFs, bitcoin, and fractional shares. Cash App doesn't charge commissions on stock and ETF trades. Plus, there are no management fees or account minimums. <h3 class="faq-question">Can you invest $1 in Cash App?</h3>Yes. You can invest $1 in Cash App to purchase stocks, ETFs, fractional shares, or bitcoin. You may have to pay more depending on the asset and current market rates. <h3>How Cash App Invest Compares</h3>Cash App vs. Acorns InvestAcorns Invest - Product Name Only is a one-stop shop for banking, investing, and learning for passive investors. You'll get a personalized ETF portfolio based on your risk tolerance, goals, and time horizon. There's a Acorns Invest - Account Minimum minimum requirement to start investing. Cash App Investing and Acorns are both mobile-forward platforms best for beginners. However, Acorns is the better option for passive investors as it mainly functions as a robo-advisor. You'll also get a much larger selection of assets, account options, and trading tools with Acorns. Active investors may prefer Cash App Investing. However, the platform is significantly more limited than Acorns overall. <a href="https://www.businessinsider.com/personal-finance/acorns-investing-review">Acorns review</a>Cash App vs. Robinhood Like Cash App Investing, Robinhood offers hands-on investing strategies for new investors to trade commission-free stocks and ETFs. Plus, it also offers fractional shares, cryptocurrencies, and IPOs. Robinhood Investing - Product Name Only is the overall better choice as it offers a larger selection of cryptocurrencies, as well as options and margin trading. Experienced traders can utilize the platform's more in-depth analysis, Nasdaq market data, and advanced charting features with Robinhood Gold. Retirement-focused investors will even get a 1% match on contributions. Unless you already have a Cash App banking account and want to directly draw funds from your Cash App balance to invest in stocks and other assets, Robinhood is the better investment app. <a href="https://www.businessinsider.com/personal-finance/robinhood-investing-review">Robinhood review</a><h3>Related Terms</h3><ul><li>Cryptocurrencies: A type of decentralized, digital asset created and traded on the blockchain. Cryptocurrencies are not issued by the government and are generally high-risk assets. </li><li>ETFs: Exchange-traded funds (ETFs) are investment funds comprised of a blend of stocks, bonds, and other securities. Investing in ETFs is a great way to diversify your investment portfolio. </li><li>Fractional shares: Buy a small portion of a whole stock for a cheaper price. Fractional shares earn the same gains and losses as whole stocks. </li></ul><h2>Methodology: How We Reviewed Cash App Investing</h2>We examined Cash App Investing app using <a href="https://www.businessinsider.com/personal-finance/investing-rating-methodology" rel="">Personal Finance Insider's rating methodology for investing platforms</a> to compare and examine account types, pricing, investment options, and overall customer experience when reviewing investing platforms. Platforms are given a rating from 0 to 5. Investing platforms generally offer multiple assets, trading tools, fees, and other resources. Some investing platforms are better for more advanced investors or active investors, while others may better suit beginner investors and passive investors. Cash App Investing - Product Name Only was evaluated with a focus on how it performed in each category.

Cash App Investing Review 2023

<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="8894239" type="UNKNOWN" weightage="20" keywordseo="sbi-cards-ipo-share">SBI Cards IPO share</keyword> allotment is expected to be announced on March 11. </li><li>You can visit the registrar’s website to check your <keyword id="8894240" type="UNKNOWN" weightage="20" keywordseo="allotment-status">allotment status</keyword>. </li></ul><keyword id="116253" type="ORGANIZATION" weightage="20" keywordseo="SBI-cards">SBI Cards</keyword>, India’s second largest credit card issuer closed its initial public offer (IPO) on March 6 and set its final price at ₹755 per share. The SBI Cards share allocation is expected to be announced today, March 11, and the listing The <keyword id="8315332" type="UNKNOWN" weightage="20" keywordseo="SBI-Cards-IPO">SBI Cards IPO</keyword> has been oversubscribed 45.23 times by non-institutional investors and over 2.5 times by retail investors. The company raised ₹10,340 crore through the issue and received bids for over 266 crore shares against its offer of 10 crore shares. How to check SBI Cards IPO allotment status <div type="image" title="SBI Cards IPO allotment status" msid="74573099" hostid="261"></div>

 If you have applied for the SBI Cards IPO, you can check your allotment status by following the below steps: <ul><li>To check the <keyword id="8894238" type="UNKNOWN" weightage="20" keywordseo="sbi-cards-allotment">SBI Cards allotment</keyword> status, visit the registrar’s website <a href="https://www.linkintime.co.in/IPO/public-issues.html">here</a>. </li><li>Click on ‘Select company’ and click on SBI Cards. </li><li>SBI Cards will only be visible once the allotment status is declared. </li><li>You will have to enter either your PAN, application number or DP / Client ID. </li><li>Now, enter the captcha. </li><li>Then, click on ‘Submit’. </li></ul>You will be able to see your application status. It will show the number of shares that you applied for and the number of shares that were allotted to you. You can also visit the BSE India website to check your application status. <ul><li>Go to the<a href="https://www.bseindia.com/investors/appli_check.aspx"> BSE India website</a>. </li><li>Select ‘Equity’ and then from the dropdown, select ‘SBI Cards’. </li><li>Now, enter your application number and PAN. </li><li>Click on ‘Search’. </li></ul>Coronavirus impact and an ambitious valuation might play spoilsport The SBI Cards IPO has come at a time when the coronavirus outbreak has had a big impact on global and Indian financial markets. Fueled by coronavirus fears, BSE Sensex and Nifty <a href="https://www.businessinsider.in/business/corporates/news/reliance-industries-logs-worst-fall-in-10-years-as-sensex-tanks-over-2400-points/articleshow/74550050.cms">tanked over 6%</a> on March 9, but are charting a rebound as Sensex surged by over 300 points. However, the volatile nature of markets might not bode well for subscribers of the IPO which might lose its sheen on listing. Another aspect that might hurt investors who have subscribed to the SBI Cards IPO is the ambitious valuation and price per share. The grey market premium has <a href="https://economictimes.indiatimes.com/markets/stocks/news/forget-bumper-listing-for-sbi-card-grey-market-hints-at-low-double-digit-premium/articleshow/74550784.cms">reportedly</a> crashed from ₹300-350 levels to less than ₹100 today. That means investors might lose a chunk of their investment on the very first day of listing on March 16. See also: <a href="https://www.businessinsider.in/stock-market/markets/news/sbi-cards-ipo-date-ipo-size-company-data-and-peer-comparison-with-hdfc-bank-icici-bank-and-axis-bank/articleshow/74297734.cms">SBI Cards IPO is open to investors ⁠— India's second largest credit card seller is hot even before its market debut</a> <a href="https://www.businessinsider.in/business/news/sbi-cards-ipo-subscribed-22-45-times-on-final-day-of-bidding/articleshow/74496674.cms">SBI Cards IPO subscribed 22.45 times on final day of bidding</a> <a href="https://www.businessinsider.in/in-india-you-cant-buy-mutual-funds-from-your-investment-advisor-anymore/articleshow/74295419.cms">In India, you can't buy mutual funds from your investment advisor anymore</a>

How to check SBI Cards IPO allotment status

<ul><li><keyword id="45660" type="CITY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> account holders who have invested in the SBI Cards’ initial public offering (IPO) will be allotted shares but with a condition that they make payment using an alternate bank account. </li><li>They will have to make this payment within two days. </li><li>Of a total of ₹10,300 crore share sale, bids worth approximately ₹1,500 crore came from YES Bank accounts — including retail investor bids of ₹150 crore.</li></ul>The financial crisis of Yes Bank has landed its customers in trouble. The Yes Bank account holders who have invested in the SBI Cards’ initial public offering (IPO) via the demat account can also get their share allotment - albeit with a condition. They will have to make a payment using an alternate bank account. <keyword id="8874432" type="UNKNOWN" weightage="20" keywordseo="yes-bank-customers">Yes Bank customers</keyword> will have to make the payment within two days. However, in the current situation, the payment might not happen on time as the shares would be allotted today. “ Some investors may not have sufficient funds in other bank accounts to pay, while others might deliberately not pay, given the volatility in the market,” a brokerage official <a href="https://www.business-standard.com/article/markets/yes-bank-account-holders-won-t-be-allotted-shares-in-sbi-card-ipo-sources-120031101546_1.html">told </a>Business Standard. In case investors fail to make the payment, the sale component of the IPO will be reduced. The bank will thereby divest slightly less than what was decided in the first place. The IPO accounted for ₹500 crore of fresh equity and ₹9,800 crore of secondary shares. The second largest credit card company will foray into the stock market on March 16 (Monday). Shares worth ₹10,300 crores concluded on March 6 and the final price per share has been set at ₹755. Of this, bids worth approximately ₹1,500 crore came from YES Bank accounts — including retail investor bids of ₹150 crore. The fourth largest private sector bank has over ₹3.45 lakh crore assets and a <a href="https://www.moneycontrol.com/news/business/markets/nippon-amc-restricts-yes-bank-subscription-to-rs-2-lakh-marks-down-value-to-zero-5008781.html">deposit base</a> of more than ₹2 lakh crore. The development comes in the back of the ongoing 30-day moratorium period — where the Reserve Bank of India (RBI) had capped the withdrawal limit for customers to ₹50,000 until April 3, 2020. However, an administrator of the bank later said that it might be lifted by the end of the week. The stock broker association Anmi (Association of National Exchanges Members of India) also urged the RBI to relax the conditions imposed against the Yes Bank payments and transactions. “The RBI decision has a cascading effect on trading members and their clients at large since they may not be able to cover their positions from their own funds. Thus, many Yes Bank clients may face serious financial problems,” <a href="https://www.businessinsider.in/business/news/yes-bank-case-anmi-urges-rbi-to-consider-exempting-capital-mkt-transactions/articleshow/74549921.cms">said the letter written to the central bank</a> by the association members. The <keyword id="8315332" type="UNKNOWN" weightage="20" keywordseo="SBI-Cards-IPO">SBI Cards IPO</keyword> has also come at a time when the coronavirus outbreak has had a big impact on global and Indian financial markets. See also: <a href="https://www.businessinsider.in/business/news/how-to-check-sbi-cards-ipo-allotment-status/articleshow/74573137.cms">How to check SBI Cards IPO allotment status</a>

Yes Bank customers can get allotment in SBI Cards’ IPO — but with a condition

<ul><li><keyword id="8315332" type="UNKNOWN" weightage="20" keywordseo="SBI-Cards-IPO">SBI Cards IPO</keyword> couldn’t have been timed at a worse time. It debuted just when the <keyword id="8829783" type="UNKNOWN" weightage="20" keywordseo="coronavirus-pandemic">Coronavirus pandemic</keyword> became a major concern for India.</li><li>Its shares fell 13% on listing on March 16, when there was bloodbath in the Indian stock market with the Sensex falling by over 2,700 points.</li><li>Yet analysts are upbeat about <keyword id="116253" type="ORGANIZATION" weightage="20" keywordseo="SBI-cards">SBI Cards</keyword> and they expect it to jump to ₹680 in the next one year.</li></ul>Despite being the second largest credit card issuer in India, SBI Cards has lost its sheen since it listed on the stock markets. Its stock has lost more than 30% of its value when compared to the issue price of ₹755. However, analysts expect SBI Cards to bounce back to ₹680 in the next one year. According to the latest Bank of America Securities report, the SBI Cards stock has the potential to regain most of its lost ground over the next one year. “Despite factoring the near-term impact of COVID-19, we see strong long-term growth supported by SBIC’s diversified model,” the report says. <div type="image" title="SBI Cards BofA Rs 680 target (2)." msid="75285402" hostid="261"></div> In essence, an investment of ₹10,000 during the SBI Cards IPO is worth ₹7,000 now, which is slightly better than what it was <a href="https://www.businessinsider.in/stock-market/news/sbi-cards-share-price-down-by-a-third-since-ipo/articleshow/75126409.cms">on April 13</a>. Why will <keyword id="8913681" type="UNKNOWN" weightage="20" keywordseo="SBI-Cards-share-price">SBI Cards share price</keyword> bounce back? SBI Cards is the second largest credit card issuer in India and has been growing at a steady pace over the last five years. Here are some of the reasons why the share price could go up: Project Shikhar – tapping SBI’s large customer base SBI Cards and the State Bank of India announced a partnership in 2017. Called Project Shikhar, this would allow SBI Cards to tap into the massive customer base of SBI to sell them credit cards. As of March 2019, SBI had 436 million customers. In the year 2019, SBI customers accounted for 55% of new accounts of SBI Cards. The report states that Project Shikhar will continue to offer growth opportunities to SBI Cards. Vastly untapped market – only 3% people have credit cards At 3%, India has the lowest credit card penetration in the world. This presents credit card companies with immense potential, both in terms of market share as well as revenue, as credit card spends in India are expected to cross ₹15 lakh crore ($200 billion) in the next five years. With constant improvements in organized retail penetration and payments infrastructure, non-cash payment modes are expected to gain popularity. Diversified customer acquisition model SBI Cards has also partnered with several non-banking partners like Big Bazaar to acquire new customers. SBI Cards salesforce at supermarkets like Big Bazaar, Hyderabad Central and others accounted for 45% of the credit card applications in 2019. In addition to this, the SBI YONO (phone banking) interface integrated SBI Cards’ offerings, providing it with another customer acquisition channel. SBI Cards also offers a diverse portfolio of credit cards, with annual fees ranging from zero to ₹4,999, catering to a wide range of segments. Essentially, it has a card for everyone, making it one of the most attractive credit card companies, especially for new customers. Bank of America Securities also states that SBI Cards’ credit risk analysis is ‘effective’. This should bring down the risk of delayed payments and non-performing assets, making it an attractive offering. See also: <a href="https://www.businessinsider.in/steps-to-check-account-balance-in-sbi/articleshow/69607243.cms">How to check account balance of SBI</a> <a href="https://www.businessinsider.in/stock-market/news/sbi-cards-share-price-down-by-a-third-since-ipo/articleshow/75126409.cms">₹10,000 invested in SBI Cards during IPO is worth about ₹6,700 now⁠— here’s why</a> <a href="https://www.businessinsider.in/business/news/sbi-cards-lists-on-the-worst-possible-day-and-its-stock-slips-13-on-debut/articleshow/74656454.cms">SBI Cards lists on the worst possible day and its stock slips 13% on debut</a>

Here's why SBI Cards share price may jump 30% in the next one year, according to Bank of America-Merrill Lynch

<ul><li>The listing of <keyword id="116253" type="ORGANIZATION" weightage="20" keywordseo="SBI-cards">SBI Cards</keyword>, one of the largest IPOs of the year, came at the worst possible time for the stock markets.</li><li>The IPO was closed on March 6 and the final price per share had been set at ₹755 per share. </li><li>On Monday (March 16), as the markets closed <keyword id="8913681" type="UNKNOWN" weightage="20" keywordseo="SBI-Cards-share-price">SBI cards share price</keyword> fell by 13%</li></ul>The listing of SBI Cards, one of the largest IPOs of the year, came at the worst possible time for the stock markets. The market is being hammered away as global panic has spread to India, due to Coronavirus and many other crises like troubles in Yes Bank. On Monday morning (March 16), as the markets opened SBI cards share price fell by 12.4% at ₹661, while the <keyword id="6484188" type="DEFINITION" weightage="20" keywordseo="sensex">Sensex</keyword> crashed by 2,000 points. As markets closed on Monday, SBI cards had a share price of ₹668, as opposed to the set price of ₹755. Within the country too, the number of cases grew exponentially in the last few weeks, crossing 100. The bears have taken over the market as India is shutting down malls and all public places along with suspending all visas. The stocks of airline and hospitality companies are on a freefall, along with entertainment industry stocks. Blue chips like Reliance and TCS are also losing billions in market value. However, what would impact SBI Cards more is that the parent company, <a href="https://www.businessinsider.in/finance/news/indias-largest-bank-stock-sees-the-sharpest-fall-in-over-7-years-investors-want-to-say-no-to-yes-bank/articleshow/74504449.cms">SBI’s stock has also </a>been falling quick and fast ever since its investment into Yes Bank was announced. It means investors who have been betting on a premium have started winding up their hopes. As per experts, the earlier expected 40% premium has been reduced to 8 to 10%. It could shrink even further if coronavirus continues to spread as the virus continues to spook investors. The IPO was closed on March 6 and the final price per share has been set at ₹755 per share. The <keyword id="8315332" type="UNKNOWN" weightage="20" keywordseo="SBI-Cards-IPO">SBI Cards IPO</keyword> was oversubscribed 45.23 times by non-institutional investors and over 2.5 times by retail investors. See Also: <a href="http://businessinsider.in/stock-market/news/finance-minister-nirmala-sitharaman-on-lic-investment-in-yes-bank-shares/articleshow/74611291.cms">ICICI Bank follows SBI to rescue Yes Bank⁠— and depositors may get to withdraw money sooner than expected</a>

SBI Cards lists 13% below offer price as Sensex crashes by over 2,000 points

The country saw 10 initial public offerings worth USD 1.41 billion in the first three months of this year but the median deal size was just USD 1 million, according to a report. <keyword id="116253" type="COMPANY" weightage="20" keywordseo="SBI-cards">SBI Cards</keyword> and Payments' share sale alone accounted for USD 1.4 billion mop-up. Consultancy <keyword id="267073" type="ORGANIZATION" weightage="20" keywordseo="EY">EY</keyword> on Thursday said consumer products and retail were the most active sectors with three <keyword id="35156" type="COMPANY" weightage="20" keywordseo="ipos">IPOs</keyword> launched on SME markets with an approximate size of USD 1 million each. "India recorded 10 IPOs (USD 1.41 billion proceeds and USD 1 million median deal size) in the first quarter of 2020 with Indian stock exchanges (BSE and NSE including SMEs) ranking eighth globally in terms of number of IPOs," it said. During the first quarter, the IPO (<keyword id="35216" type="ENTERTAINMENT" weightage="20" keywordseo="initial-public-offering">initial public offering</keyword>) of SBI Cards and Payments was also the biggest in over two years. The issue size was USD 1.4 billion and the issue was subscribed over 22 times. In the main markets -- the NSE and the BSE, there was one IPO in the first quarter versus five each in the first quarter and fourth quarter of 2019, representing a significant drop of 80 per cent, the report said. "In the SME markets, there were nine IPOs in Q1 2020 versus 15 IPOs and 6 IPOs in Q1 2019 and Q4 2019 respectively, representing a significant drop of 40 per cent as compared to Q1 2019 and increase of 50 per cent over Q4 2019, respectively," it noted. Sandip Khetan, partner and national leader (financial accounting advisory services), EY India, said the coronavirus pandemic continues to impact livelihoods and economies worldwide, creating uncertain times. "Indian capital markets have experienced significant erosion of market capitalisation, and companies will take time to recover. While this may present a viable long-term investment opportunity, caution is being observed in the short-term. "Sectors like life sciences, pharmaceuticals and digital are likely to revive sooner in the current economic climate," he said. RAM HRS

Country sees 10 IPOs in Mar quarter; median deal size just USD 1 mn

<ul><li>This is the first earnings report released by <keyword id="116253" type="ORGANIZATION" weightage="20" keywordseo="SBI-cards">SBI Cards</keyword> and Payment Services since it was listed on the bourses in March 2020.</li><li>In Q4 2020, SBI Card's profits fell by 66% compared to the same period last year, to ₹83.5 crore from ₹249 crore.</li><li>The company also created a provision of ₹489 crore to account for the economic concerns arising due to the Covid-19 pandemic.</li><li>On the flip side, SBI Card's asset quality improved, with its non-performing assets declining to 2.01% from 2.44% a year earlier.</li></ul>SBI Cards and Payment Services today posted its Q4 earnings (January-March 2020), revealing a fall of 66% in its profits to ₹83.5 crore, while its bad debts and impairment losses rose by 138% to ₹838 crore on a year-on-year basis. “Considering the possible effects from the pandemic relating to COVID-19, the company has performed sensitivity analysis and based on current estimates has created a specific provision of Rs 489 crore,” SBI Card said in a release. The company also posted an improvement in asset quality, with non-performing assets decreasing to 2.01% from 2.44% during the same period last year. <div type="image" title="SBI Card stock price since launch" msid="75647993" hostid="261" caption="&amp;lt;p&amp;gt;SBI Card stock price since launch&amp;lt;/p&amp;gt;"></div> SBI Card was listed on the bourses in March this year at ₹661 against the issue price of ₹755, with the Coronavirus crisis and aggressive pricing causing the stock to<a href="https://www.businessinsider.in/business/news/sbi-cards-lists-on-the-worst-possible-day-and-its-stock-slips-13-on-debut/articleshow/74656454.cms"> lose 13% of its value</a> on debut. <div type="Article" hostid="261" msid="75285293" title="Here's why SBI Cards share price may jump 30% in the next one year, according to Bank of America-Merrill Lynch" mstype="2" mssubtype="0"></div> Here’s why analysts are bullish on SBI Card According to the latest Bank of America Securities report dated April 21, the SBI Card stock has the potential to regain most of its lost ground over the next one year. “Despite factoring the near-term impact of COVID-19, we see strong long-term growth supported by SBIC’s diversified model,” the report says. The report states that the SBI Card stock could bounce back to ₹680 in the next one year, which is an upside of 19% based on the closing price as of yesterday, May 7. It is to be seen if the latest earnings from the company changes estimates. See also: <a href="https://www.businessinsider.in/finance/news/heres-how-the-sbi-cards-stock-has-performed-since-its-debut-on-march-16/articleshow/75285293.cms">Here's why SBI Card share price may jump 30% in the next one year, according to Bank of America-Merrill Lynch</a> <a href="https://www.businessinsider.in/stock-market/news/sbi-cards-share-price-down-by-a-third-since-ipo/articleshow/75126409.cms">₹10,000 invested in SBI Card during IPO is worth about ₹6,700 now⁠— here’s why</a> <a href="https://www.businessinsider.in/business/news/sbi-cards-lists-on-the-worst-possible-day-and-its-stock-slips-13-on-debut/articleshow/74656454.cms">SBI Card lists on the worst possible day and its stock slips 13% on debut</a>

SBI Card profit gets squeezed by bad loans, impairment charge, and a big provision for  COVID-19

<ul><li>The Indian stock markets could open on a positive note on September 21, after experiencing a bear hug on the previous day. </li><li>Trends on SGX <keyword id="6354813" type="General" weightage="20" keywordseo="nifty" source="Orion">Nifty</keyword> showed an increase of 47 points, suggesting that Nifty could open in the green amid negative cues in other Asian markets. </li><li>SBI Cards, Adani Ports and HCL Tech could be among the top stocks to watch out for on September 21. </li></ul><cmsannotation type="cmsannotation" annotationid="SBI Card &amp; Payment Services" comment="subhead" text="SBI Card &amp; Payment Services">SBI Card &amp; Payment Services</cmsannotation> US-based private equity firm The Carlyle Group is planning to sell a 3.4 percent stake in the company, valued at ₹3,267 crore, in the price range of ₹1,021 to ₹1,072 per share. <cmsannotation type="cmsannotation" annotationid="Adani Ports &amp; SEZ" comment="subhead" text="Adani Ports &amp; SEZ">Adani Ports &amp; SEZ</cmsannotation> Received approval from the Competition Commission of India to acquire a 10.4 percent stake in the Gangavaram Port project in Andhra Pradesh. <cmsannotation type="cmsannotation" annotationid="HCL Tech" comment="subhead" text="HCL Tech">HCL Tech</cmsannotation> Bagged a digital transformation order from US-based MKS Instruments Inc., for five years. <cmsannotation type="cmsannotation" annotationid="IPO Watch" comment="subhead" text="IPO Watch">IPO Watch</cmsannotation> Paras Defence and Space Technologies IPO worth ₹171 crore to kick off today, with a price band of ₹165-175 per share. <cmsannotation type="cmsannotation" annotationid="Cadila Healthcare" comment="subhead" text="Cadila Healthcare">Cadila Healthcare</cmsannotation> Its subsidiary has entered into an agreement with Integrace to sell two brands, Mifegest and Cytolog. <cmsannotation type="cmsannotation" annotationid="Kitex Garments" comment="subhead" text="Kitex Garments">Kitex Garments</cmsannotation> Entered into a memorandum of understanding with the Telangana government to invest ₹2,406 crore in the state. <cmsannotation type="cmsannotation" annotationid="Yes Bank" comment="subhead" text="Yes Bank">Yes Bank</cmsannotation> Partnered with Visa to offer credit cards to its customers after the ban on MasterCard. <cmsannotation type="cmsannotation" annotationid="Nestle India" comment="subhead" text="Nestle India">Nestle India</cmsannotation> Reports suggest that the company’s chairman has revealed that it may face headwinds in 2022 due to rising coffee prices globally. <cmsannotation type="cmsannotation" annotationid="Action Construction Equipment" comment="subhead" text="Action Construction Equipment">Action Construction Equipment</cmsannotation> Launched its qualified institutional placement on Monday, with the price band fixed at ₹254.55 per equity share. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-for-sansera-engineering-ipo/articleshow/86380353.cms">Sansera Engineering IPO — How to check allotment status, listing date and more</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-z-fold-3-foldable-smartphone-review/articleshow/86366351.cms">Samsung Galaxy Z Fold 3 review: Creasing through the folds</a> <a href="https://www.businessinsider.in/tech/news/emmys-2021-netflix-beats-hbo-for-the-first-time-with-the-most-number-of-awards/articleshow/86365603.cms">Emmys 2021: Netflix beats HBO for the first time with the most number of awards</a>

SBI Cards, Adani Ports, HCL Tech and other top stocks to watch out for on September 21

<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

(Eds: Adding details) Mumbai, Mar 16 () SBI Chairman Rajnish Kumar on Monday said investments by banks in the crippled Yes Bank are being made to maintain financial stability in the system and not guided by the principle of return on investment (RoI). The State Bank of India (SBI), along with seven other financial institutions, invested around Rs 10,000 crore in the crisis-hit Yes Bank last week, under the RBI-mandated reconstruction scheme. "The decision of the SBI and all other banks coming together, it is not guided by the return on capital principles or investments. It is all guided by providing stability to the financial system," Kumar told reporters on the sidelines of the listing ceremony of SBI Cards and Payment Services at the BSE. SBI Card, the second largest largest credit card issuer in the country, got listed at 13 per cent discount at Rs 658 on the BSE, against the issue price of Rs 755. The scrip settled the day at Rs 683.20, up nearly 4 per cent. Last week, SBI invested Rs 6,050 crore in the troubled lender. It would hold up to 49 per cent stake in the private lender, with a minimum of 26 per cent over next three years. ICICI Bank, Housing Development Finance Corp Ltd, Axis Bank, Kotak Mahindra Bank, Bandhan Bank, Federal Bank and IDFC First also joined the SBI-led consortium and invested in Yes Bank. Mortage lender HDFC and ICICI Bank invested Rs 1,000 crore each in Yes Bank. Axis Bank has invested Rs 600 crore by buying 60 crore shares and Kotak Mahindra Bank Rs 500 crore through 50 crore shares. Federal Bank and Bandhan Bank put in Rs 300 crore each. IDFC First invested Rs 250 crore into the lender. The government notified the Yes Bank Reconstruction Scheme 2020 late on last Friday. With that, the morotorium on the bank will be lifted by March 18. The RBI had on March 5 put a moratorium on Yes Bank, restricting withdrawals to Rs 50,000 per depositor till April 3. It superseded the board of the troubled private sector lender and appointed Prashant Kumar as administrator. Kumar will be the new CEO and MD of the bank. Yes Bank declared its third quarter result on Saturday, posting a net loss of Rs 18,560 crore. Its gross non-performing assets surged to Rs 40,709 crore, which is 18.87 per cent of its gross advances.Kumar Kumar said the response to SBI Card's IPO was phenomenal as it got over subscribed by 26.5 times.On the weak debut on the bourses, he blamed it on the current market mayhem and pointed the strong fundamentals of the SBI Card. HV MKJ

You Searched For "sbi cards ipo investment advice" and got 12 results

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

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Cash App Investing Review 2023

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

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How to check SBI Cards IPO allotment status

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Yes Bank customers can get allotment in SBI Cards’ IPO — but with a condition

Prerna Sindwani

Here's why SBI Cards share price may jump 30% in the next one year, according to Bank of America-Merrill Lynch

Rounak Jain

SBI Cards lists 13% below offer price as Sensex crashes by over 2,000 points

BI India Bureau

Country sees 10 IPOs in Mar quarter; median deal size just USD 1 mn

PTI

SBI Card profit gets squeezed by bad loans, impairment charge, and a big provision for COVID-19

Rounak Jain

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