SBI Cards IPO
SBI Cards IPO — date, price band, lot size & details 2020
SBI Cards listed on 16 Mar 2020 at ₹661, 12.5% below the ₹755 issue price.
SBI Cards and Payment Services is the second largest credit card issuer in India and a subsidiary of State Bank of India. Its total income was Rs 6,999.11 crore in FY2019.
Stock price
SBI Cards is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
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
Issue summary
The terms of the offer, as filed.
| IPO Dates | 2 to 5 Mar, 2020 |
|---|---|
| Price Band | ₹750 – ₹755 |
| Face Value | ₹10 |
| Lot Size | 19 Shares |
| Issue Size | ₹10340.79 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Employee Discount | Rs 75.00 per share |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,345 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 19 shares at the ₹755 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 19 | ₹14,345 |
| Retail (max) | 13 | 247 | ₹1,86,485 |
| S-HNI (min) | 14 | 266 | ₹2,00,830 |
| S-HNI (max) | 69 | 1,311 | ₹9,89,805 |
| B-HNI (min) | 70 | 1,330 | ₹10,04,150 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01It was the second largest credit card issuer in India, with an 18.1% share of cards outstanding on 30 November 2019.
- 02Total income rose from Rs 3,346.20 crore in FY2017 to Rs 6,999.11 crore in FY2019.
- 03Profit after tax rose from Rs 372.86 crore in FY2017 to Rs 862.72 crore in FY2019, and was Rs 1,161.21 crore in the nine months to 31 December 2019.
- 04Net worth grew from Rs 1,448.82 crore on 31 March 2017 to Rs 4,822.82 crore on 31 December 2019.
- 05Its SBI parentage gives it access to a network of 21,961 branches for selling cards.
Risks · 5
- 01Total borrowing was Rs 18,577.69 crore on 31 December 2019, up from Rs 8,268.42 crore on 31 March 2017.
- 02Gross NPAs were 2.47% of gross advances on 31 December 2019, and card loans are unsecured.
- 03Of the Rs 10,340.79 crore raised, Rs 9,841.46 crore went to the selling shareholders, not the company.
- 04The business leans on the SBI brand and branches, and SBI held 69.51% after the issue.
- 05It competes with large banks for cardholders, and its share of card spends was 17.9% in the eight months to 30 November 2019.
Three years of numbers
All figures in ₹ crore, as reported in the SBI Cards offer document.
| Metric | 31 Dec 2019 | 31 Mar 2019 | 31 Mar 2018 | 31 Mar 2017 |
|---|---|---|---|---|
| Assets | 25,993.47 | 20,239.64 | 15,686.01 | 10,764.98 |
| Total Income | 6,843.06 | 6,999.11 | 5,186.98 | 3,346.20 |
| Profit After Tax | 1,161.21 | 862.72 | 601.14 | 372.86 |
| NET Worth | 4,822.82 | 3,653.24 | 2,424.58 | 1,448.82 |
| Total Borrowing | 18,577.69 | 13,650.52 | 11,412.82 | 8,268.42 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Where the money goes
₹630.88 Cr of the issue is earmarked to named objects.
About the company
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.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
SBI Cards IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
HSBC Securities & Capital Markets (India) Pvt. Ltd.
20 issues handledBest listing: Tenneco Clean Air India (+27.2%). Weakest: Nuvoco Vistas Corporation (-14.9%).
SBI Capital Markets Ltd.
70 issues handledBest listing: Bajaj Housing Finance (+114.3%). Weakest: Kalyan Jewellers India (-15.0%).
Axis Capital
126 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Kotak Mahindra Capital Company Limited
93 issues handledBest listing: Premier Energies (+120.0%). Weakest: Rategain Travel Technologies (-15.3%).
Bofa Securities India Limited
25 issues handledBest listing: Tata Technologies (+140.0%). Weakest: UTI AMC (-9.7%).
Nomura Financial Advisory & Securities (India) Pvt. Ltd
24 issues handledBest listing: Happiest Minds Technologies (+110.8%). Weakest: Shriram Properties (-23.7%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of SBI Cards?
The current Grey Market Premium is ₹32.5, or 4% over the issue price.
What is the SBI Cards IPO price band?
₹750 to ₹755, on a face value of ₹10.
When is the allotment?
The basis of allotment is 11 March 2020, with listing on 16 March 2020.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
