SBI Cards sets terms for $1.4bn Indian IPO

By Jonathan Breen
25 Feb 2020

SBI Cards and Payments Services has finalised the price range for its IPO, which is set to be worth up to Rp103.5bn ($1.44bn) when it is launched next week.

The company, which is a subsidiary of State Bank of India, is raising Rp5bn in new equity, which could mean the sale of up to 6.7m primary shares. But the vast majority of the deal, around 95.2%, will comprise existing stock sold through an offer-for-sale (OFS).

The selling ...

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