SBI Cards IPO sails through choppy Indian ECM markets

By Jonathan Breen
05 Mar 2020

SBI Cards and Payment Services was riding high on Thursday after a rush of institutional investor demand pushed its billion-dollar IPO through a coronavirus-driven slump in local and global markets this week. Jonathan Breen reports.

The largest IPO in the country for more than two years was due to close as GlobalCapital Asia went to press, set to raise up to Rp103.4bn ($1.4bn). SBI Cards, the credit card unit of State Bank of India, launched a four-day bookbuild on Monday.

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