SBI Cards and Payment Services' initial public offer (IPO) has so far been subscribed 87.29 per cent on Tuesday, the second day of the subscription, NSE data showed. 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, including new shares worth Rs 500 crore and an offer for sale of 13.05 crore shares. At 2:30 pm on Tuesday, the issue had received bids for 8,75,37,636 shares, compared with the issue size of 10,02,79,411 shares.
SBI Cards is the second largest credit card issuer in the country with a market share of 18 per cent. The company has a fixed a price band of Rs 750-755 per equity share for bidding under the IPO.
On Monday, the first day of the bidding, the IPO was subscribed 38.87 per cent.
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.