• Sat. Jan 28th, 2023

SBI Card IPO: How Many Up For Grabs… – The GRS Solution

SBI Card IPO: How Many Up For Grabs... - The GRS Solution

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State Bank of India-owned SBI Cards & Payment Services’ (SBI Card) initial public offering will
open for subscription from March 2 through March 5.

The company plans to raise up to Rs 10,341 crore
by selling 13.71 crore shares at the upper end of the Rs 750-Rs 755 price band.
The lot size has been decided at 19 shares, meaning one will have to shell out
at least Rs 14,250 to bid for the issue.

The company plans to raise up to Rs 10,341 crore
by selling 13.71 crore shares at the upper end of the Rs 750-Rs 755 price band.
The lot size has been decided at 19 shares, meaning one will have to shell out
at least Rs 14,250 to bid for the issue.

Retail investors:

Individual
investors who wish to subscribe to the issue can apply under this category. The
company has reserved 4,27,81,188 shares for this category, meaning it expects
to raise up to Rs 3,229.98 crore from retail investors. As many as 22,51,641
lots are up for grabs in this category. A retail investor can apply for a
maximum of 14 lots as the upper limit of the investment is capped at Rs 2 lakh as
per regulations.

SBI shareholders: 

Retail investors
who also hold State 
Bank of India (SBI)
shares can apply for shares reserved for this category. You are eligible even
if you own just one share of the bank. SBI Card has reserved 1,30,52,680 shares
for SBI shareholders and expects to raise up to Rs 985.48 crore from this
category. There is no discount available under this category.


Employees:

Employees
of the company can apply for the 18,64,669 shares reserved for them. The
company has offered a discount of Rs 75 per share to the employees. This means
the price band for them will be at Rs 675-680. At the upper end of the price band,
the company expects to raise Rs 126.79 crore from the category.


Qualified Institutional Buyers (QIBs): 

This segment of institutional investors include mutual funds, insurance
companies, global portfolio managers, registered FIIs, sub-accounts of FIIs,
sovereign funds, endowment funds, college superannuation funds, etc. SBI Card
has reserved 2,44,46,393 shares for this category and expects to raise Rs
1,845.70 crore.

Non-Institutional Investors (NIIs): 

This category includes all other investors other than those who fall under the
retail and QIB categories. Thus this portion will include high net-worth
individuals (HNIs) investing more than Rs 2 lakh per application, corporates,
private limited companies, NBFCs, etc. The company has set aside 1,83,34,795
shares for this category of investors, which if fully subscribed will rake in
up to Rs 1,384.28 crore.

Anchor Investors: 

Qualified institutional
buyers can also participate in the IPO process under this category. They need
to make an application of a value of at least Rs 10 crore in the public issue
to be eligible under this category. The company has reserved 3,66,69,590 shares
for these investors.

The company on Saturday raised Rs 2,769 crore
from 74 anchor investors, who included 12 mutual funds, besides Singapore
government, Monetary Authority of Singapore, 

Government Pension
Fund Global
 and others. They have been allocated
3,66,69,589 shares worth Rs 2,768.55 crore.

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