SBI Cards and Payment Services IPO

The second-largest issuer of credit cards in India is going public.

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SBI Cards and Payment Services was promoted by State Bank of India in May 15, 1998 to issue credit cards and deal in payment products. Apart from an issue of fresh shares in the IPO, SBI will be selling a part of its promoter holdings. The Carlyle Group, which had taken up a stake in SBI Cards in December 2017, will also be offering a part of its stake in the issue.

How do I apply to the SBI Cards IPO?

You can apply to the SBI Cards IPO on Console using any supported UPI app. Once you have entered your bid on Console, you will receive a mandate collect request on your UPI app. On acceptance of the mandate, the bid amount will get blocked in your bank account. Read more.

Will I get a discount if I hold shares of SBI?

The Draft Red Herring Prospectus (DRHP) indicates that shareholders of State Bank of India may be eligible for a discount. You will need to hold at least one share of SBI as on the RHP filing date. The RHP is filed by the merchant banker a week prior to the issue opening dates (which are yet to be announced). When you apply in the shareholder's category, you might also have a higher chance of getting allotment.

Further Reading - Check this discussion on Tradingqna on the SBI Cards IPO.