IPO

SBI Cards & Payment Services Ltd IPO

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Initial Public Offering of 137,149,314* equity shares of face value of Rs. 10 each (equity shares) of SBI Cards and Payment Services Limited (the company or the company or the issuer) for cash at a price of Rs. 755** per equity share (including a share premium of Rs. 745 per equity share) (the offer price) aggregating to Rs. 10340.79* Crores, comprising a fresh issue of 6,622,516* equity shares by the company aggregating to Rs. 499.33 Crores (fresh issue) and an offer for sale of 130,526,798* equity shares (the offered shares) aggregating to Rs. 9841.46* Crores, including 37,293,371* equity shares aggregating to Rs. 2811.85* Crores by State Bank of India (sbi) (promoter selling shareholder) and 93,233,427* equity shares aggregating to Rs. 7029.61* Crores by ca rover holdings (ca rover) (?investor selling shareholder? and together with the promoter selling shareholder, the selling shareholders and such offer, the offer for sale and together with the fresh issue, the offer). The offer included a reservation of 1,864,669** equity shares, for subscription by eligible employees (as defined hereinafter) (the employee reservation portion) and a reservation of 13,052,680* equity shares, for subscription by SBI shareholders (as defined hereinafter) (the sbi shareholders reservation portion). The offer less the employee reservation portion and the sbi shareholders reservation portion is hereinafter referred to as the net offer, aggregating to 122,231,965* equity shares. The Offer and the net offer constitutes 14.61*% and 13.02*% of the post-offer paid up equity share capital of the company, respectively. *Subject to finalisation of basis of allotment **The company and the selling shareholders in consultation with the brlms, have offered a discount of Rs. 75 per equity share to eligible employees bidding in the employee reservation portion. The face value of the equity shares is Rs. 10 each and the offer price is 755 and is 75.5 times the face value of the equity shares.

SBI Cards & Payment Services Ltd IPO Subscription Details

Company

SBI Cards & Payment Services Ltd

Issue Type

(Book Built Portion)

Open Date

02 Mar

Close Date

05 Mar

Offer Price

755.00

Subscription Status

Issue Open Date 02-Mar-2020
Issue Close date 05-Mar-2020
IPO Price 750.00
Face Value ₹ 10 Per Equity Share
IPO Size (In ` Crore) 10286.20 - 10354.77
Listing At BSE, NSE
IPO Lot Size 19


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Financials

Consolidated Rs Cr FY17 FY18 FY19 9MFY19 9MFY20
Total operating Income 3,471 5,370 7,287 5,279 7,240
PBT 572 919 1,332 948 1,619
Net Profit 373 601 863 615 1,161
P/E (x) 159.0 98.6 73.3 - -
P/BV (x) 40.9 25.2 17.6 - -
RoAE (%) 28.5 31.0 28.4 27.7 36.5
RoAA (%) 4.0 4.5 4.8 4.7 6.7


Key Points

1. The company has a diversified revenue model whereby it generates both non-interest income (primarily comprised of fee-based income such as interchange fees, late fees and annual fees, among others) as well as interest income on its credit card receivables. The share of its revenue from operations that they derive from non-interest income has steadily increased over the past three fiscal years, from 43.6% in fiscal 2017 to 48.9% in fiscal 2019. Its interest income and non-interest income formed 51.1% and 48.9% in FY19 and 51% and 49% in nine months ended December 31, 2019. This has made their capital structure more efficient and provides them with a relatively stable revenue composition that is less susceptible to market fluctuations, such as interest rate volatility.

2. The company has established a proven track record of consistently generating profits over the past three fiscal years. The scale of its operations coupled with its focus on core business and deep industry expertise have allowed them to grow its business. Its total income has increased from ₹ 3,471cr in FY17 to ₹ 7,287cr in FY19 at a CAGR of 44.9% and its revenues from operations have increased from ₹ 3,346 in FY17 to ₹ 6,999cr in FY19 at a CAGR of 44.6%. Its net profit has increased from ₹ 373cr in FY17 to ₹863cr in FY19 at a CAGR of 52.1%. Its ROAE has remained stable at 28.5% in FY17 and 28.4% in FY19, while its ROAA increased from 4.0% in FY17 to 4.8% in FY19.

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  • Approve the block request

SBI Cards & Payment Services Ltd IPO Frequently Asked Questions

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Contact Details of SBI Cards & Payment Services Ltd IPO

Company Contact Information

SBI Cards & Payment Services Ltd IPO
Unit 401&402 4th Floor E-1,2,3,
Netaji Subhash Place Wazirpur,
New Delhi, Delhi 110034.

Phone: 91-11-61268100
Email: investor.relations@sbicard.com

SBI Cards & Payment Services Ltd IPO Register

Link Intime India Pvt Ltd

SBI Cards & Payment Services Ltd IPO Lead Manager(s)

  • Axis Capital Ltd
  • DSP Merrill Lynch Ltd
  • HSBC Securities & Capital Markets (India) Pvt Ltd
  • Kotak Mahindra Capital Company Ltd
  • Nomura Financial Advisory & Securities (India)PLtd
  • SBI Capital Markets Ltd

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