SBI Card IPO lists at a 13% lower to its issue price

New Delhi: to start with, the SBI Card IPO scrip lists at Rs 658 on the Bombay stock market. So then, this seems to exists at a 12.85% discount to its actual issue price of Rs 755.

Besides, on the National stock market, the scrip remained listed at Rs 661, down 12.45% against its issue price. However, the analysts kept anticipating that the stock would list at around Rs 780-800 apiece against the worth of Rs 755.

Significantly, the difficulty remained open from March 2nd to March 5th and earned over 26 times subscriptions. and therefore the quota reserved for qualified institutional buyers (QIB)  remained subscribed at 57.18 times. While the non-institutional investors’ category earned 45.23 times subscriptions.

Earlier, the market expected a 30-35% listing for the mega issue thanks to the scrip’s high demand within the unlisted market. However, the recent correction within the secondary market had dampened investors’ sentiment a touch. Also, when the SBI Cards IPO came announced, the grey market premium for the stock stood at Rs 350 apiece.

Also Read: SBI Card IPO

Besides, the retail and employee portions remained subscribed 2.50 times and 4.74 times, respectively. The IPO happened at a hard and fast price band of Rs 750-755 per share for the IPO.

Despite this, the managers of the general public issue include Kotak Mahindra Capital Company, Axis Capital, and DSP Merrill Lynch. It also includes HSBC Securities & Capital Markets (India), Nomura Securities, and SBI Capital Markets.