SBI Card IPO: Who can apply for how much shares; how many up for grabs

State Bank of India-owned SBI Cards & Payment Services’ (SBI Card) initial public offering will open for subscription from March 2 through March 5.

The company plans to raise up to Rs 10,341 crore by selling 13.71 crore shares at the upper end of the Rs 750-Rs 755 price band. The lot size has been decided at 19 shares, meaning one will have to shell out at least Rs 14,250 to bid for the issue.

Separate share quotas have been set aside for six different categories of investors — anchor, qualified institutional buyers, non-institutional investors, retail, SBI shareholders and employees.


Below are the detailed criteria for each category of investors for the IPO:

Retail investors: Individual investors who wish to subscribe to the issue can apply under this category. The company has reserved 4,27,81,188 shares for this category, meaning it expects to raise up to Rs 3,229.98 crore from retail investors. As many as 22,51,641 lots are up for grabs in this category. A retail investor can apply for a maximum 14 lots as the upper limit of the investment is capped at Rs 2 lakh as per regulations.

SBI shareholders: Retail investors who also hold State Bank of India (SBI) shares can apply for shares reserved for this category. You are eligible even if you own just one share of the bank. SBI Card has reserved 1,30,52,680 shares for SBI shareholders and expects to raise up to Rs 985.48 crore from this category. There is no discount available under this category.

Employees: Employees of the company can apply for the 18,64,669 shares reserved for them. The company has offered a discount of Rs 75 per share to the employees. This means the price band for them will be at Rs 675-680. At the upper end of price band, the company expects to raise Rs 126.79 crore from the category.

Qualified Institutional Buyers (QIBs): This segment of institutional investors include mutual funds, insurance companies, global portfolio managers, registered FIIs, sub-accounts of FIIs, sovereign funds, endowment funds, college superannuation funds, etc. SBI Card has reserved 2,44,46,393 shares for this category and expects to raise Rs 1,845.70 crore.

Non-Institutional Investors (NIIs): This category includes all other investors other than those who fall under the retail and QIB categories. Thus this portion will include high net-worth individuals (HNIs) investing more than Rs 2 lakh per application, corporates, private limited companies, NBFCs, etc. The company has set aside 1,83,34,795 shares for this category of investors, which if fully subscribed will rake in up to Rs 1,384.28 crore.

Anchor Investors: Qualified institutional buyers can also participate in the IPO process under this category. They need to make an application of a value of at least Rs 10 crore in the public issue to be eligible under this category. The company has reserved 3,66,69,590 shares for these investors.


The company on Saturday raised Rs 2,769 crore from 74 anchor investors, who included 12 mutual funds, besides Singapore government, Monetary Authority of Singapore, Government Pension Fund Global and others. They have been allocated 3,66,69,589 shares worth Rs 2,768.55 crore.