SBI Cards sets terms for $1.4bn IPO, Rossari approved
SBI Cards and Payments Services, a State Bank of India subsidiary, set the final price range for its IPO, putting proceeds of up to Rp103.5bn ($1.44bn) in reach for when it launches the deal next week.
The IPO will include Rp5bn in new equity, which could equal as many as 6.7m primary shares, but the vast majority of the deal, about 95.2%, will comprise existing stock sold through an offer-for-sale (OFS).The selling shareholders, Carlyle Group subsidiary CA Rover Holdings and SBI, are providing 93.2m and 37.3m of their shares in SBI Cards, ...
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