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ET Markets

Brokers advise clients to buy share of SBI ahead of credit card unit’s IPO

SBI shareholders likely to have better chance of getting allotment even if they hold one share.

By Rajesh Mascarenhas and Sanam Mirchandani, ET Bureau |Updated: December 05, 2019, 07.12AM IST
MUMBAI: Brokers are advising their clients to buy at least one share of State Bank of India so that they can be eligible to apply for the Rs 9,000-crore initial public offering of SBI Cards and Payment Services under a special category. Shares of the credit cards unit of the country’s largest lender is already commanding a premium of
Rs 9,500 crore there is interest around it,” said Geetanjali Kedia, senior research analyst at SPTulsian-.com. “SBI Life has done well post listing in the last two years. Also, this is the only pure play credit card issuing company. Credit cards is a high yielding business. More so, the company has been doubling profits in the past years,” she said.

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