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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.

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Abhishek Vohera, Founder of IPO Guru 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 15 November.

Key dates Listed
  1. Open 02 Mar 2020
  2. Close 05 Mar 2020
  3. Allotment 11 Mar 2020
  4. Refund/credit 12 Mar 2020
  5. 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
Reservation
QIB 50%
NII 15%
Retail 35%
Employee 1.36%

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.

shares
1 lot lots
If it lists at today's grey market premium of ₹32.5
on
Grey market premium is an unofficial, unregulated indicator. It is not a forecast.
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.

Total income
6,843.06
5,187
6,999
6,843
31 Mar 201831 Mar 201931 Dec 2019
Profit after tax
1,161.21
601
863
1,161
31 Mar 201831 Mar 201931 Dec 2019
Borrowing vs net worth
18,577.69 / 4,822.82
31 Mar 201831 Mar 201931 Dec 2019
Borrowing Net worth
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.

Towards augmenting its capital base ₹492.14 Cr
Issue Expenses ₹138.74 Cr

SBI Cards IPO Anchor Investors

74 anchor investors across 31 fund houses committed ₹2,768.54 Cr a day before the issue opened.

Anchor Investor Fund House Shares Amount (₹ Cr) % of Anchor Book
Government Of Singapore Government Of Singapore 1,996,653 150.75 5.44%
Monetary Authority Of Singapore Monetary Authority Of Singapore 652,365 49.25 1.78%
HDFC Mutual Fund HDFC Mutual Fund 2,052,988 155.00 5.60%
Government Pension Fund Global Government Pension Fund Global 1,986,754 150.00 5.42%
Birla Mutual Fund Aditya Birla Sun Life Mutual Fund 1,986,754 150.00 5.42%
Axis Mutual Fund Axis Mutual Fund 1,986,754 150.00 5.42%
Pioneer Investment Fund - 1,854,305 140.00 5.06%
ICICI Prudential Mutual Fund ICICI Prudential Mutual Fund 1,854,305 140.00 5.06%
Kotak Mutual Fund Kotak Mahindra Mutual Fund 1,496,687 113.00 4.08%
Nomura Funds Ireland Public Limited Company-Nomura Funds Ireland - India Equity Fund Nomura 1,456,958 110.00 3.97%
Kuwait Investment Authority Fund 225 - 1,456,958 110.00 3.97%
Fidelity Investment Trust Fidelity Series Emerging Markets Opportunities Fund Fidelity 1,212,808 91.57 3.31%
BNP Paribas Arbitrage - Odi BNP Paribas 1,125,826 85.00 3.07%
Societe Generale - Odi Societe General 1,059,516 79.99 2.89%
Indus India Fund (Mauritius) Limited - 927,143 70.00 2.53%
Goldman Sachs India Limited Goldman Sachs 832,276 62.84 2.27%
Fidelity Investment Funds - Fidelity Asia Fund Fidelity 734,825 55.48 2.00%
L&T Mutual Fund L&T Mutual Fund 662,245 50.00 1.81%
Edelweiss Mutual Fund Edelweiss Mutual Fund 662,245 50.00 1.81%
Thornburg Developing World Fund - 529,777 40.00 1.44%
Kuwait Investment Authority - Fund No. 208 Kuwait Investment Authority 480,415 36.27 1.31%
Rwc Emerging Markets Equity Master Fund Limited - 454,746 34.33 1.24%
HSBC Global Investment Funds - Indian Equity HSBC 450,490 34.01 1.23%
ICICI Prudential Life Insurance Company Limited ICICI Prudential Life Insurance 397,347 30.00 1.08%
DSP Mutual Fund DSP Mutual Fund 397,347 30.00 1.08%
Wasatch Emerging India Fund - 391,666 29.57 1.07%
Gmo Emerging Markets Fund, A Series Of Gmo Trust - 337,877 25.51 0.92%
Invesco India Equity Fund - 331,132 25.00 0.90%
IIFL Mutual Fund 360 One Mutual Fund 331,132 25.00 0.90%
Tata Mutual Fund Tata Mutual Fund 331,113 25.00 0.90%
Gmo Emerging Domestic Opportunities Fund, A Series Of Gmo Trust - 324,368 24.49 0.88%
Fidelity Funds - Emerging Asia Pool Fidelity 310,897 23.47 0.85%
Al Mehwar Commercial Investments Llc - (Wanda) Al Mehwar Commercial Investments Llc 270,579 20.43 0.74%
Fidelity Funds - India Focus Fund Fidelity 268,793 20.29 0.73%
Ashoka India Opportunities Fund - 264,898 20.00 0.72%
IDFC Mutual Fund Bandhan Mutual Fund 264,898 20.00 0.72%
Alps/Kotak India Growth Fund - 264,860 20.00 0.72%
HSBC Indian Equity Mother Fund HSBC 211,755 15.99 0.58%
Emerging Markets Trust - 207,936 15.70 0.57%
Fidelity Funds - Global Financial Services Pool Fidelity 201,704 15.23 0.55%
Baroda Mutual Fund Baroda BNP Paribas Mutual Fund 198,683 15.00 0.54%
Rwc Funds - Rwc Global Emerging Markets Fund - 183,046 13.82 0.50%
Blackrock Global Funds Asian Dragon Fund Blackrock 179,170 13.53 0.49%
Morgan Stanley Investment Funds Emerging Leaders Equity Fund Morgan Stanley 172,577 13.03 0.47%
Fidelity Funds - Pacific Fund Fidelity 171,095 12.92 0.47%
Blackrock Global Funds - Asian Growth Leaders Fund Blackrock 161,994 12.23 0.44%
Stichting Depositary Apg Emerging Markets Equity Pool Stichting Depositary Apg 156,902 11.85 0.43%
Kotak Mahindra (International) Limited - 139,809 10.56 0.38%
The Chancellor, Masters And Scholars Of The University Of Cambridge - 132,468 10.00 0.36%
Societe Generale Societe General 132,468 10.00 0.36%
Kotak Funds - India Growth Fund - 132,468 10.00 0.36%
Thornburg Long/Short Equity Fund - 132,468 10.00 0.36%
Fidelity Investment Funds Icvc - Fidelity Global Focus Fund Fidelity 122,037 9.21 0.33%
Fidelity Central Investments Portfolio Llc- Fidelity Emerging Markets Equity Central Fund Fidelity 111,701 8.43 0.30%
Goldman Sachs (Singapore) Pte. - Odi Goldman Sachs 111,397 8.41 0.30%
Kapitalforeningen Institutionel Investor, Asiatiske Emerging Market Aktier - 103,626 7.82 0.28%
Jpmorgan Indian Investment Trust Plc J.p.morgan 98,579 7.44 0.27%
Greater India Portfolio Greater India 94,867 7.16 0.26%
Jpmorgan India Fund J.p.morgan 87,789 6.63 0.24%
J P Morgan Funds J.p.morgan 78,530 5.93 0.21%
Best Investment Corporation Managed By Blackrock Asset Management North Asia Limited Best Investment Corporation 77,140 5.82 0.21%
Fidelity Funds - Global Focus Fund Fidelity 73,872 5.58 0.20%
Blackrock Global Funds Emerging Markets Equity Income Fund Blackrock 66,234 5.00 0.18%
Unisuper Limited As Trustee For Unisuper - 66,234 5.00 0.18%
Blackrock Global Funds - India Fund Blackrock 66,234 5.00 0.18%
Blackrock Global Funds - Global Multi-Asset Income Fund Blackrock 66,234 5.00 0.18%
Blackrock Global Funds Asia Pacific Equity Income Fund Blackrock 66,234 5.00 0.18%
Blackrock Global Funds - Dynamic High Income Fund Blackrock 66,234 5.00 0.18%
Tokio Marine Life Insurance Singapore Ltd. - Par Blackrock - 66,234 5.00 0.18%
Blackrock Asia Special Situations Fund Blackrock 66,234 5.00 0.18%
Lansforsakringar Asienfond - 66,234 5.00 0.18%
The Master Trust Bank Of Japan, Ltd. As Trustee Of Blackrock India Equity Fund Blackrock 66,234 5.00 0.18%
Blackrock Asia Fund Blackrock 66,234 5.00 0.18%
Mgts Afh Da Asia Ex Japan Equity Fund - 66,234 5.00 0.18%
Total anchor allocation 2,768.54

Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.

About the company

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.

Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.

Promoters
State Bank of India
Promoter holding
74% → 69.51%
Pre-issue → post-issue

The bankers & the filings

Who is running the book, and the documents this page is built from.

Book-running lead manager
HSBC Securities & Capital Markets (India) Pvt. Ltd. View track record →
Book-running lead manager
SBI Capital Markets Ltd. View track record →
Book-running lead manager
Axis Capital View track record →
Book-running lead manager
Kotak Mahindra Capital Company Limited View track record →
Book-running lead manager
Bofa Securities India Limited View track record →
Book-running lead manager
Nomura Financial Advisory & Securities (India) Pvt. Ltd View track record →
Red Herring Prospectus
SEBI filing
Final offer document — price band, financials and risk factors. This page is built from it.
Open the RHP
Anchor allocation
Exchange filing
The anchor book as filed with the exchange a day before the issue opened.
Open the filing

SBI Cards IPO Documents

Read the filings this page is built from.

Red Herring Prospectus (RHP) Final offer document — price band, financials, risk factors Anchor Investor Allocation Exchange filing listing the anchor book

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.

34 issues handled
Listed in Profit 79.4% 27 of 34 listed
Avg Listing Gain +13.4% across 34 issues
Listed Below Issue 7 of 34 listed

Best listing: Gujarat State Petronet (+72.2%). Weakest: Nuvoco Vistas Corporation (-14.9%).

SBI Capital Markets Ltd.

142 issues handled
Listed in Profit 68.1% 96 of 141 listed
Avg Listing Gain +17.6% across 141 issues
Listed Below Issue 45 of 141 listed

Best listing: Bajaj Housing Finance (+114.3%). Weakest: ICICI Securities (-16.3%).

Axis Capital

256 issues handled
Listed in Profit 73.6% 187 of 254 listed
Avg Listing Gain +19.7% across 254 issues
Listed Below Issue 67 of 254 listed

Best listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).

Kotak Mahindra Capital Company Limited

204 issues handled
Listed in Profit 76% 155 of 204 listed
Avg Listing Gain +18.8% across 204 issues
Listed Below Issue 49 of 204 listed

Best listing: Premier Energies (+120.0%). Weakest: Puravankara Projects (-22.5%).

Bofa Securities India Limited

64 issues handled
Listed in Profit 81.3% 52 of 64 listed
Avg Listing Gain +23.9% across 64 issues
Listed Below Issue 12 of 64 listed

Best listing: Tata Technologies (+140.0%). Weakest: Puravankara Projects (-22.5%).

Nomura Financial Advisory & Securities (India) Pvt. Ltd

37 issues handled
Listed in Profit 64.9% 24 of 37 listed
Avg Listing Gain +18.2% across 37 issues
Listed Below Issue 13 of 37 listed

Best 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

Company
SBI Cards and Payment Services
Email

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.

SBI Cards IPO

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.

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Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.

GMP
₹32.5
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Min bid
₹14,345
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