SBI Cards and Payment Services IPO Closed

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

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Date 02 Mar 2020 – 05 Mar 2020
Price range 750 – 755
Minimum order quantity 19
(D)RHP View

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SBI Cards and Payment Services was promoted by State Bank of India on 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. Read more on Finshots.

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?

As per the Red Herring Prospectus (RHP), shareholders of State Bank of India can apply in a category with special reservation but will not be eligible for a discount. You will need to hold at least one share of SBI as on Feb 18, 2020, in your demat account to successfully apply in the category. Applications in the shareholders' category, may have a higher chance of getting an allotment. Click here to check how to apply in the shareholder category through Zerodha.

Note - You will be eligible to apply in the shareholders' category only if you hold shares of State Bank of India (SBIN) as on the record date. A shareholder of different SBI group company, like SBI Life, will not be eligible. 

Indicative IPO timetable

Basis of allotment 11-3-2020
Refunds/Unblocking of ASBA 12-3-2020
Credit of share 13-3-2020
Listing 16-3-2020
Mandate end date 19-3-2020


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