SBI Cards and Payment Services, the credit card arm of State Bank of India (SBI), has raised aggregating to Rs 2,768.55 crore from 74 anchor investors. The initial public offering (IPO) will open for subscription on March 2 and will close on March 5.
The company has allotted 36,669,589 equity shares at Rs 755 per equity share (upper end of the Price Band) to the anchor investors (including 12 mutual funds through 48 schemes) prior to the bid opening date of March 4, 2020.
The company plans to issue new shares worth Rs 500 crore and an offer for sale of up to 130,526,798 equity shares.
As a part of the offer for sale, parent company SBI will sell up to 37,293,371 shares and CA Rover Holdings, an affiliate of the Carlyle Group, will sell up to 93,233,427 shares.
SBI Cards proposed to raise Rs 10,289 crore at the lower end of the price band (Rs 750 per share) and Rs 10,355 crore at the upper end (Rs 755 per share).
Investors can make bids for a minimum of 19 equity shares and in multiples of 19 equity shares thereafter.
The book running lead managers for the offer are 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.
The equity shares are proposed to be listed on the BSE and NSE.
SBI owns 74 percent and remaining 26 percent held by CA Rover Holdings, an affiliate of the Carlyle Group, owns as of December 31, 2019.