The credit card unit of India's SBI, the country’s largest lender, is preparing for a likely $1.3 billion IPO. SBI Cards and Payment Services shows what state-controlled companies can achieve when they are run more professionally. ugalani
SBI Cards and Payment Services, the credit card subsidiary of State Bank of India, filed for an initial public offering on Nov. 27. The offering could raise $1.3 billion, according to a person familiar with the situation.
The credit card company, a unit of India’s largest bank, plans to issue new shares worth 5 billion rupees and will offer up to 130.5 million existing shares, according to term sheet seen by Reuters Breakingviews. The secondary share sale could raise up to 91 billion rupees, the source added. SBI Card is 74% owned by State Bank of India and 26% by U.S private equity firm Carlyle Group. The company was established in 1998 as a joint venture between SBI Card and GE Capital. Carlyle bought GE’s stake in 2017.Bank of America Securities, Kotak Mahindra Bank, HSBC, Nomura, Axis Bank are among the book-running lead managers.
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