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SBI Card IPO worth Rs 10,335 crore receives subscription of 39% on Day 1

Bhavesh Sanghvi of Emkay Wealth Management feels SBI Cards is an opportunity to be invested into

March 02, 2020 / 07:39 PM IST

The initial public offering of SBI Cards and Payment Services, the subsidiary of country's largest lender State Bank of India, has subscribed 38.87 percent on March 2, the first day of bidding.

The public issue has received bids for 3.94 crore shares against IPO size of more than 10 crore shares (excluding anchor investors' portion, as per the data available on exchanges.

The portion set aside for retail investors has been subscribed 62.76 percent and that of employee has seen subscription of 80.32 percent and shareholders at 68.8 percent.

The reserved portion of qualified institutional investors has subscribed 0.09 percent, while that of non-institutional investors 12.05 percent.