SBI Cards and Payment Services' initial public offer (IPO) got oversubscribed 22.44 times on Thursday, the last day of the subscription, NSE data showed. At 5:15 pm on Thursday, the issue had received bids for over 225.04 crore equity shares against IPO size of more than 10.02 crore equity shares, according to the data. SBI Cards is the second largest credit card issuer in the country with a market share of 18 per cent. SBI Cards has a fixed a price band of Rs 750-755 per equity share for bidding under the IPO.
The issue - through which the credit card arm of the country's largest lender State Bank of India (SBI) aims to raise around Rs 10,350 crore - had begun receiving bids on March 2.
Bids under the SBI Cards IPO can be made in lots of 19 shares. At the higher end of price band, one lot will cost an investor Rs 14,345. On Monday, the first day of the bidding, the IPO was subscribed 38.87 per cent; on Tuesday, it had been subscribed 87 per cent, while at the end of Wednesday, it got oversubscribed more than 15 times.