The Initial Public Offering (IPO) of SBI Cards and Payment Services worth Rs 69,500 crore to Rs 72,000 crore ($1.25 billion) will open on March 2, the prospectus dated February 18 stated.
SBI Cards and Payments Services is the credit arm of the State Bank of India (SBI) and the company mulls to issue new shares worth Rs 500 crore and will offer up to 130.5 million shares for sale.
The company also said that it will close the bidding process on March 5.
Earlier on February 12, SBI Cards and Payments received an in-principle approval from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering, a senior State Bank of India official said.
"This is the first approval, and now we will file the updated draft red herring prospectus for SBI Cards which will get converted into the final RHP (red herring prospectus). We hope to close the offering in the month of March subject to regulatory approvals," the official added.
The official declined to share details on the size of the issue. SBI Cards had filed its draft red herring prospectus in November.
SBI opened its share price at Rs 320 on Tuesday and traded at Rs 326 as of 1.10 pm.
