SBI IPO cards were subscribed 22.45 times on the last day of bidding

NEW DELHI: The initial public offering (IPO) and Payment Services were subscribed 22.45 times on the last day of bidding on Thursday.

The IPO to raise around Rs 10,355 million rupees received bids for more than 225 million rupees against the total issuance size of 10 million rupees, according to NSE data until 6:30 p.m.

The category of non-institutional investors was subscribed 45 times and private retail investors 2.5 times, according to commercial banking sources.

For qualified institutional buyers (QIB), the problem was closed on Wednesday and for all other bidders closed on Thursday.

The QIB category was subscribed 57.18 times, according to NSE data.

The IPO comprises a new issuance of Rs 500 crore and a sale offer of 13.05,26,798 shares, including the anchoring portion of 3.66.69,589 shares.

The price range for IPO was set at Rs 750-755 per share.

The offer received more than 37 lakh applications generating demands for Rs 2 lakh crore, commercial banking sources added.

The company had raised Rs 2,769 crore from 74 anchor investors.

The State Bank of India (SBI) has a 76 percent stake in SBI Cards, while the rest is owned 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 offer managers.