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.
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.
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.
