SBI Cards IPO GMP History
SBI Cards IPO has been listed on March 16, 2020 at a listing price of ₹661, against the issue price of ₹755 — a loss of ₹94 (-12.45%). The GMP peaked at ₹345 on 25 February 2020 and reached a low of ₹32.5 on 10 March 2020. The day-wise GMP trend below shows how grey market sentiment evolved from subscription to listing.
SBI Cards IPO raised ₹10340.79 Cr. through its IPO at a price band of ₹750 to ₹755 per share, with a lot size of 19 shares. The IPO was open for subscription from 02 Mar 2020 to 05 Mar 2020.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
GMP trend
Grey market premium sampled three times a day (11 AM, 5 PM, 10 PM). Last updated 11 Nov, 6:58 PM IST.
Day-wise GMP
The last reading of each day, newest first. Arrows compare with the previous day.
| Date | GMP | ↑↓ | % | Kostak | Sub. Sauda |
|---|---|---|---|---|---|
| 10 Mar 2020 | ₹ 32.5 | — | 4% | — | — |
| 09 Mar 2020 | ₹ 32.5 | ▼ | 4% | — | — |
| 08 Mar 2020 | ₹ 125 | — | 17% | — | — |
| 07 Mar 2020 | ₹ 125 | — | 17% | — | — |
| 06 Mar 2020 | ₹ 125 | — | 17% | — | — |
| 05 Mar 2020 | ₹ 125 | ▼ | 17% | — | — |
| 04 Mar 2020 | ₹ 145 | ▼ | 19% | — | — |
| 03 Mar 2020 | ₹ 190 | ▼ | 25% | — | — |
| 02 Mar 2020 | ₹ 210 | ▼ | 28% | — | — |
| 01 Mar 2020 | ₹ 335 | — | 44% | — | — |
| 29 Feb 2020 | ₹ 335 | — | 44% | — | — |
| 28 Feb 2020 | ₹ 335 | — | 44% | — | — |
| 27 Feb 2020 | ₹ 335 | ▲ | 44% | — | — |
| 26 Feb 2020 | ₹ 325 | ▼ | 43% | — | — |
| 25 Feb 2020 | ₹ 345 | — | 46% | — | — |
| 24 Feb 2020 | ₹ 345 | ▲ | 46% | — | — |
| 23 Feb 2020 | ₹ 315 | — | 42% | — | — |
| 22 Feb 2020 | ₹ 315 | — | 42% | — | — |
| 21 Feb 2020 | ₹ 315 | — | 42% | — | — |
| 20 Feb 2020 | ₹ 315 | ▲ | 42% | — | — |
| 19 Feb 2020 | ₹ 295 | — | 39% | — | — |
| 18 Feb 2020 | ₹ 295 | — | 39% | — | — |
| 17 Feb 2020 | ₹ 295 | — | 39% | — | — |
| 16 Feb 2020 | ₹ 295 | — | 39% | — | — |
| 15 Feb 2020 | ₹ 295 | — | 39% | — | — |
| 14 Feb 2020 | ₹ 295 | — | 39% | — | — |
| 13 Feb 2020 | ₹ 295 | ▲ | 39% | — | — |
| 12 Feb 2020 | ₹ 235 | — | 31% | — | — |
| 11 Feb 2020 | ₹ 235 | — | 31% | — | — |
| 10 Feb 2020 | ₹ 235 | — | 31% | — | — |
| 09 Feb 2020 | ₹ 235 | — | 31% | — | — |
| 08 Feb 2020 | ₹ 235 | — | 31% | — | — |
| 07 Feb 2020 | ₹ 235 | — | 31% | — | — |
| 06 Feb 2020 | ₹ 235 | — | 31% | — | — |
SBI Cards IPO dates
Key dates from opening to listing. Today is 11 November.
- Open 02 Mar 2020
- Close 05 Mar 2020
- Allotment 11 Mar 2020
- Refund/credit 12 Mar 2020
- Listing 16 Mar 2020
SBI Cards IPO actual listing price
How the grey market's final call compared with the listing-day open.
| Issue price | ₹755 |
|---|---|
| GMP-based estimate (pre-listing) | ₹787 (+4.2%) |
| Listing gain / loss | −₹94 per share |
| Listing date | 16 Mar, 2020 |
| Actual listing price | ₹661 (-12.45%) |
Is SBI Cards IPO GMP reliable?
Grey market premium for SBI Cards IPO should be interpreted with caution. The GMP is an unregulated, unofficial market not governed by SEBI. Here's how to read the current signal:
- 01Subscription rate matters: A high GMP paired with strong subscription — especially QIB (Qualified Institutional Buyer) oversubscription — is a more reliable bullish signal than GMP alone. Read our in-depth analysis: GMP vs Subscription Data — Which Predicts Listing Gains Better?
- 02Timing matters: GMP in the first 1–2 days of subscription is less reliable. GMP on the final subscription day and the day before listing tends to be the most accurate predictor.
- 03Grey market is thin: For smaller IPOs, even a handful of large orders can swing the GMP significantly. Treat low-volume GMP signals with extra caution.
- 04Cross-check before acting: Review the SBI Cards IPO full review for a fundamentals-based assessment before making any grey market trades.
SBI Cards IPO Kostak rate explained
Two ways the grey market trades an IPO application before listing.
The Kostak rate for SBI Cards IPO was not available during the subscription period. Kostak is the fixed amount a grey market buyer pays for an IPO application regardless of allotment outcome.
The Subject to Sauda price was not available for this IPO. Subject to Sauda only applies if allotment is confirmed — the buyer pays a premium on top of the issue price per lot allotted.
Grey market trading is unofficial and unregulated by SEBI. Proceed with full awareness of the associated risks.
About SBI Cards IPO
SBI Cards and Payment Services Limited was incorporated as SBI Cards and Payment Services Private Limited at New Delhi on 15 May 1998. It issues credit cards to individual cardholders and corporate clients and is a subsidiary of State Bank of India.
According to RBI data quoted in its RHP, it was the second largest credit card issuer in India, with an 18.1% share of cards outstanding on 30 November 2019 and a 17.9% share of card spends in the eight months to that date. Its range covers lifestyle, rewards, travel and fuel, shopping, banking partnership and corporate cards.
Its card partners include Air India, Apollo Hospitals, BPCL, IRCTC, OLA Money and Yatra. Through its parent it can market cards to customers of SBI's network of 21,961 branches.
The IPO was Rs 10,340.79 crore. Only Rs 499.32 crore was fresh issue, to strengthen the capital base. The remaining Rs 9,841.46 crore was an offer for sale by State Bank of India and CA Rover Holdings.
Frequently asked
What is the GMP of SBI Cards IPO?
The current Grey Market Premium (GMP) of SBI Cards IPO is ₹ 32.5.
What is the Kostak Price of SBI Cards IPO?
Kostak rate is the profit made by selling an IPO application before allotment. The current Kostak rate for SBI Cards IPO is not available.
What is the Subject to Sauda Price of SBI Cards IPO?
Subject to Sauda is the premium amount decided if the allotment is confirmed. The current Subject to Sauda rate is not available.
What was the actual listing price of SBI Cards IPO?
SBI Cards IPO listed on March 16, 2020 at ₹661, against the issue price of ₹755 — a loss of -12.45%.
How did the GMP of SBI Cards IPO trend before listing?
The GMP of SBI Cards IPO was stable in its final days before listing. The GMP peaked at ₹345 on 25 February 2020. View the day-wise table above for the complete GMP history.
Explore SBI Cards IPO further
The grey market is one signal. Read it alongside the demand, the reviews and the filings before you decide.
It has listed — go back to the fundamentals.
Category-wise demand from QIB, NII and retail investors, updated through the day.
What brokers and analysts are saying about this issue, in one place.
Check with your PAN whether shares were credited to your demat account.
The grey market called it. Now check the fundamentals.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Read the grey market alongside the subscription book and the offer document before you apply.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
