SBI Cards IPO opens on March 2: Key things to know about Rs 9,000-cr offer

SBI Cards is the second-largest credit card issuer in India, with an 18.1 per cent market share of the market as of November 2019

The much-awaited initial public offering (IPO) of SBI Cards and Payment Services, a subsidiary of State Bank of India (SBI), will open on March 2, confirms to its prospectus. The company aims to raise around Rs 9,000 crore ($1.25 billion). The IPO will be a mix of fresh issue and an offer for sale (OFS). SBI Cards plans to issue new shares worth Rs 500 crore and will offer up to 130.5 million shares for sale, the prospectus, dated February 18, showed. 

About SBI Cards

SBI Cards was launched in October 1998 by SBI and GE Capital. Incorporated as SBI