SBI is hitting the market with Rs 9500 Crore IPO – SBI Cards and Payment Services, the credit card arm of State Bank of India (SBI), is set to hit the market with its initial public offering (IPO) this month. It is currently plced before the SEBI, Securities and Exchange Board of India (Sebi). The company, which filed its offer document with the regulator in November, is expected to get Sebi’s observation letter soon, said people in the know.
The company is targeting a mop-up of Rs 9,000-9,500 crore from the share sale, with a fresh issue size of around Rs 500 crore.
SBI to divest up to 4% stake in subsidiary
While the company’s offer document did not spell out the total proceeds from the IPO, sources said the enterprise value of the credit card unit is expected to be around ₹60,000 crore.