After months of anticipation, the wait is finally over for investors looking to subscribe to SBI Cards. As of 2nd March 12 noon, the IPO has already been subscribed by 21.8% and is expected to receive a strong response from investors till the end date. On 29th Feb the company managed to raise Rs 2769 Crores from Anchor investors.
This includes Government Pension Fund Global, 12 mutual funds, Singapore government, Monetary Authority of Singapore, among others. SBI Card IPO date till which the subscription is open is 5th March. SBI Cards is to get listed on NSE and BSE. The listing of shares is expected to happen on 16th March
SBI Cards and Payments Services Limited is the credit card subsidy of the State Bank Of India. By means of the IPO, the company aims to raise over Rs 10,341 Crore by selling 13.71 Crore shares at cut-off price. If you are looking to subscribe to this IPO, here are the vital details to know:-
|SBI Card IPO: Open Date||2nd March, 2020|
|SBI Card IPO : Closing Date||5th March 2020|
|IPO Price||Rs 750 to Rs 755 per equity share|
|Face Value||Rs 10 per share|
Read More : SBI Cards And Services
|Application||Lots||Shares||Amount ( Cut-off)|
Different categories of investors are eligible to apply for the SBI Cards IPO and their share quotas have been decided. Here are the details:-
|Category Of Shareholder||Share Quota|
|Retail Investors||Shares Reserved : 4,27,81,188
Maximum investment amount per retail buyer is capped at Rs 2 Lakhs
|SBI Card Holders||Retail investors who own even a single share of State Bank Of India are eligible to apply under this reserved category. SBI Card has reserved 1,30,52,680 shares for SBI shareholders|
|SBI Employees||SBI employees have 18,64,669 discounted shares reserved for the IPO , which means the price band for the employees will be at Rs 675-680|
|Qualified Institutional Buyers||QIBs include mutual funds, global portfolio managers, insurance companies, registered FIIs, endowment funds, sovereign funds, etc.
2,44,46, 393 shares have been reserved for this category.
|Non-Institutional Investors||Entities excluding QIBs that can invest more than 2 Lakhs per application, fall under this category. These include HNIs, NBFCs, private limited companies, corporate, etc. 1.83,34,795 shares have been reserved for this category.|
Only individuals who have a Demat account will be eligible to apply for the IPO. The DEMAT account number is a 16 digit number that is made up of your DP ID and Client ID. ( If your depository participant is registered with CDSL).
The first eight digits of your DEMAT number are the same as your DP-ID and the next eight numbers are the same as your Client ID. If your depository participant with whom you have a DEMAT account is registered with NSDL then the number would be of 14 digits starting with IN. For instance, with CDSL your DEMAT number is 01234567890987654 whereas in case of NSDL it would be IN012345678976.
If your depository participant supports subscribing through their IPO platform you can do so. Another way to make SBI IPO subscription is to do so via net banking. Here are the steps mentioned for SBI bank account holders in general, these may slightly differ from bank to bank:-
Please note, once your order for the IPO is placed successfully, the order amount will get blocked in your bank account. The amount blocked in the bank account cannot be used for other purposes which means you can’t withdraw. The money is safe in your account. If you are not allotted with the share, the amount for which you have applied for the IPO will be unblocked and can be withdrawn by you.So plan your liquidity needs accordingly.
Also, ensure all the details you have entered are correct else your application will get rejected. If you want to rectify or modify your application, you can do so but only during the subscription period. Revision is not possible after the bidding process closes. You can also cancel the IPO application however cancellation or withdrawal of an IPO is only allowed before the end date of the IPO bidding.
Disclaimer: The views expressed in this post are that of the author and not those of Groww