SBI's credit card arm files offer document; aims to raise Rs 9,500 cr

SBI Cards and Payment Services, the credit card arm of State Bank of India (SBI), on Wednesday filed the offer document for its maiden offering, which could mop up Rs 9,500 crore in what could be one of the biggest initial public offerings (IPOs) in the domestic market.

The issue will comprise fresh fund raising worth Rs 500 crore, which will be used to augment the capital base to meet future business requirements. Bulk of the IPO will be secondary share sale by SBI and private equity major Carlyle Group, who currently hold 74 per cent and 26 per cent,