SBI Card IPO to open on March 2, band fixed at Rs 750-755

Published On: Friday, February 28, 2020 | By: Team KnowMyStock

The first big IPO of 2020 is also one of the most awaited. Top lender State Bank of India said the issue of SBI Cards will open for subscription on March 2 and close on March 5 and payment Services has been fixed in the price range of Rs 750-755 per share. The IPO comprises a fresh issue of Rs 500 crore, while the offer for sale would see the promoters offload 13 crore shares. At the higher end of the price band, the SBI Cards IPO is expected to raise around Rs 9,000 crore, making it the fifth-largest IPO so far. An employee discount of Rs 75 per share will be offered to eligible employees, said SBI in a regulatory filing on Tuesday. The bid lot for the IPO has been finalized to 19 shares and in multiples thereafter.

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