SBI Card Files Rs 9,600 crore IPO Papers With SEBI

SBI Card Files Rs 9,600 crore IPO Papers With SEBI

SBI Files IPO Draft Papers With Sebi

On November 27, India’s second-largest card business firm has filed IPO draft prospectus with the market regulator Sebi. SBI credit card firm has planned to raise Rs 8000 crore to Rs 9,000 crore through the public offer. On Wednesday, SBI Card files IPO draft papers to list its shares in the primary market. The initial share sale of the issue ranged around Rs 9,600 crore.

Once, the firm launches its public offer will become the fifth-largest IPO in the country.

As of the source, SBI plans to list its shares in the capital market by the next 2 to 3 months.

The issue comprises a fresh issue and an offer for sale by the existing shareholders. SBI card plans to raise over Rs 500 crore through the fresh issue and sell up to 13,05,26,798 shares by SBI and Carlyle.

State bank of India will look to sell up to 3,72,93,371 equity shares and Carlyle sells up to 9,32,33,427 shares through this offer.

The net proceeds of the fresh issue will utilize the capital base to meet future capital requirements. SBI Card public offer will manage by Kotak Mahindra, Axis Capital, DSB Merrill Lynch, HSBC Securities, and Capital Markets, Nomura Financial Advisory & Securities, and SBI Capital Markets. 

As of the Sebi analysis, SBI and Carlyle hold 74% and 26 percent of a stake in the SBI Card business. It is the second-largest card business in India. Moreover, the firm has a huge potential to grow its business throughout the country.

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