SBI Cards and Payment Services' $1.25 billion-IPO to open on March 2

The $1.25 billion initial public offering (IPO) of SBI Cards and Payment Services, the credit card arm of State Bank of India (SBI), will open on March 2, according to its prospectus.

The company plans to issue new shares worth Rs 500 crore and will offer up to 130.5 million shares for sale, the prospectus, dated Feb. 18, showed.The bidding process will close on March 5.