Shares of SBI Cards and Payment Services got listed at Rs 658 per share, a 12.85 percent discount as against the issue price of Rs 755 per share on the BSE.

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The stock, however, recovered most ground soon after listing. At the close of trading hours on Monday, the shares settled at Rs 683.20, down 9.50 percent than the issue price.

The initial public offering (IPO) of the second-largest credit card issuer in the country had seen a strong response from qualified institutional buyers and high net worth individuals.

In all, the issue was subscribed a little over 26 times. The QIB portion of the book was subscribed 57 times and the HNI portion 44 times.

The company had already raised Rs 2,769 crore from 74 anchor investors, including 12 mutual funds.

The IPO comprised a fresh equity issue worth Rs 500 crore and a total dilution of around 14 percent is expected to be done through SBI Cards IPO via an Offer For Sale (OFS) route.

First Published:Mar 16, 2020 10:19 AM IST