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SBI Cards files IPO papers with Sebi

The company will offer up to 130,526,798 equity shares via offer for sale route.

PTI|
Last Updated: Nov 28, 2019, 11.15 AM IST|Original: Nov 27, 2019, 06.13 PM IST
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SBI Cards IPO: Here's everything you need to know
SBI Cards IPO: Here's everything you need to know
SBI Cards, the credit card arm of State Bank of India, on Wednesday filed Draft Red Herring Prospectus (DRHP) for its initial public offer (IPO) with Sebi.

The company will offer up to 130,526,798 equity shares via offer for sale route. This will include up to 37,293,371 share sale by SBI and up to 93,233,427 shares on offer by Carlyle Group (CA Rover). In addition, the company will also issue fresh equity shares of Rs 500 crore.

Up to 1,864,669 shares have been reserved for employees of the company whereas 13,052,680 have been reserved for SBI shareholders.

SBI holds 76 per cent in SBI Cards and rest of the stake is held by Carlyle Group.

SBI Cards is the second-largest credit card issuer in India with an 18 per cent market share.

For the half year ended September 30, the company’s net income was Rs 725.88 crore. Its revenue was at Rs 4,677.20 crore.

Kotak Mahindra Capital, Axis Capital, DSP Merryl Lynch, Nomura Financial Advisory, HSBC Securities and SBI Capital Markets will are the book-running lead managers of the issue.
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