SBI Cards sets ball rolling on $1.3bn India IPO

By Jonathan Breen
28 Nov 2019

SBI Cards and Payment Services filed listing documents with India’s regulator this week for an IPO of up to Rp95bn ($1.33bn). The deal is on track to be the largest listing the country has seen for more than two years, writes Jonathan Breen.

SBI Cards is planning to issue Rp50bn of new stock as part of the trade, while its controlling shareholders, State Bank of India and US private equity giant Carlyle Group, are respectively selling 37.3m shares and 93.2m shares in SBI Cards, equal to 14% of its total share ...

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