SBI Cards Seeks to Raise Up to $1.29 Billion in India IPO
24 Febrero 2020 - 7:48PM
Noticias Dow Jones
By P.R. Venkat
SBI Cards and Payment Services Ltd. plans to raise as much as
$1.29 billion in net proceeds through an initial public offering in
India, according to a term sheet seen by The Wall Street Journal on
Tuesday.
India's second-largest credit card issuer by market share is
planning to sell 137.19 million shares in a price range of 750-755
Indian rupees ($10.43-$10.50) each, the term sheet shows.
State Bank of India and U.S. private equity firm Carlyle Group
Inc., which are SBI's two shareholders, plan to sell part of their
holdings via the IPO.
State Bank of India owns 74% of SBI Cards and Carlyle Group
holds a 26% stake, a draft IPO prospectus posted on the Securities
and Exchange Board of India shows.
Proceeds from the IPO will be used to build SBI Card's capital
base and meet future capital needs, according to the term
sheet.
Shares are expected to start trading on the Bombay Stock
Exchange on Mar.16.
Bank of America Securities, HSBC and Nomura are among the banks
advising SBI Card on the IPO.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
February 24, 2020 20:33 ET (01:33 GMT)
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