SBI Cards IPO: Here's everything you need to know

SBI Cards and Payment Services Ltd, the credit card subsidiary of State Bank of India (SBI) , India's largest lender, filed plans for an initial public offering (IPO) with the markets regulator and stock exchanges on Wednesday. The company plans to issue new shares worth 5 billion rupees and will offer up to 130.5 million shares for sale, according to the draft prospectus published by the lead managers of the deal.