SBI Cards make weak debut on exchanges

NE BUSINESS BUREAU

MUMBAI, MARCH 17

SBI Cards made a weak debut on exchanges on Monday with shares ending 10% discount as compared to its issue price of ₹755, amid a selloff in broader markets. SBI Cards shares ended at ₹678, after shares traded in the range of ₹755 to ₹656 during the day. The ₹10,000 crore IPO of SBI Cards and Payment Services Ltd, India’s largest IPO in over two years, was subscribed over 22 times and had closed on March 5. The QIB category was subscribed to 57.18 times while retail over two times.

Hardayal Prasad (MD & CEO, SBI Cards & Payment Services Limited) and Rajnish Kumar (Chairman, State Bank of India) at the memento exchange at the listing of SBI Cards and Payment Services Limited held at BSE in Mumbai on Monday. NE photo

SBI Cards, the credit card arm of the country’s top public lender, SBI, drew bids for 225 crore shares, compared to the 10 crore on offer.

Rajnish Kumar (Chairman, State Bank of India) presenting the memento to Ashishkumar Chauhan (BSE Limited) in the presence of Dinesh Kumar Khara (Managing Director, Global Banking & Subsidiaries, State Bank of India), Hardayal Prasad (MD & CEO, SBI Cards & Payment Services Limited) at the listing ceremony of SBI Cards and Payment Services Limited held at BSE in Mumbai on Monday. NE photo

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

Ashishkumar Chauhan (BSE Limited) presenting the memento to Hardayal Prasad (MD & CEO, SBI Cards & Payment Services Limited) at the listing ceremony of SBI Cards and Payment Services Limited held at BSE in Mumbai on Monday. NE photo