SBI readies Rp80bn share sale in card business IPO

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By Jonathan Breen
12 Nov 2019

State Bank of India is looking to raise about Rp80bn ($1.1bn) by selling a minority stake in SBI Cards’ planned jumbo IPO, according to a banker on the mandate.

State-owned lender SBI has started the process of selling about 14% of its position during the listing, said the banker. SBI Cards is a joint venture between SBI and US private equity giant Carlyle Group, owning 74% and 26%, respectively. Carlyle is also expected to pare down its ...

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