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Thursday, March 5, 2020

SBI Cards and Payment Services Ltd IPO Subscribed 22 Times Thursday March 05,2020

The $1.4 billion public issue of SBI Cards and Payment Services Ltd, India`s largest IPO in over two years, weathered the coronavirus-led global market turmoil and was subscribed 22.45 times by the final day of bidding



The credit card arm of the country`s top public lender, State Bank of India, drew bids for 2.25 billion shares on Thursday March 05,2020, compared to the 100.3 million shares on offer, stock exchange data showed.

The IPO, the first by a credit card issuer and the fifth largest by any company in India, opened at a time when global financial markets were roiled by fears of the economic impact of the coronavirus that originated in China and is spreading fast outside the country.

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