SBI Card Business Will File Rs 9000 crore IPO Draft Prospectus
SBI Credit Card business, a subsidiary of SBI plans to file IPO draft papers with the market regulator SEBI. The bank will submit draft papers in the next week. SBI cards business aims to raise over Rs 9000 crore through this offer. It becomes the first and biggest domestic IPO in Fiscal 2020.
In early August, the news released as State Bank of India has planned to reduce its stake in SBI credit card business & payment services. Carlyle groups hold 26 percent of stake in the card business. The remaining 74 percent held by SBI. Now, SBI and Carlyle try to sell 4 percent and 10 percent stake respectively. SBI cards IPO will hit the primary market by the first quarter of fiscal 2020.
The firm has already appointed merch bankers and lead managers to this public offer. It selected those officials in August 2019. At that time, it has stated that “SBI plans to meet the capital market through a public offer by diluting 14% of the issue.” The stake dilution is possible through an offer sale. SBI plans to raise fresh capital of Rs 1000 crore through the fresh issue and allows up to 13,05,26,798 equity shares through an offer for sale.
SBI selects investment bankers to card business IPO are Axis Capital, Bank of America Merrill Lynch, HSBC, Nomura, Kotak Mahindra Capital, and SBI Capital. It also appoints legal advisor Shardul Amarchand Mangaldas and Cyril Amarchand Mangaldas. SBI has the potential to grow its card business throughout the country.
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