The much anticipated SBI Cards and Payments Services IPO will undergo allotment of shares to successful applicants in their demat accounts by March 13, according to the prospect filed by the company. For investors who are not allotted shares, the refund process will be initiated on March 12. The IPO, for which bids were received between March 2 and 5, saw huge demand for its shares as it was subscribed 26.54 times. The credit card arm of the country's largest lender State Bank of India (SBI) aims to raise around Rs 10,350 crore through the IPO.
The stock is expected to get listed on exchanges on March 16, which the investors would be closely watching amid the recent spell of volatility in the markets.
The bidders can check the subscription status on the portal link Intime India, the IPO's registrar which will carry out the allotment process as per the prospectus. The applicants can check the status using their Permanent Account Numbers (PAN) or application number or client ID.