New Delhi: SBI Cards & Payment Services has raised Rs 2,769 crore from 74 anchor investors before the IPO opens on March 2.
Anchor investors are institutional investors who are offered a stake in an initial public offering (IPO) before it opens.
The company told BSE that the Government of Singapore, the Monetary Authority of Singapore, HDFC Mutual Fund, Government Pension Fund Global and Birla Mutual Fund are among the anchor investors. These were offered at the rate of Rs 755 per share, the upper limit of the IPO price range. These 74 anchor investors include 12 mutual funds and a total of 3,66,69,589 shares were allotted to them. The total value of these shares is Rs 2,768.55 crore.
The company’s IPO will open on March 2 and will be open until March 5. The price range for this has been kept from 750 to 755 rupees per share. SBI Cards is expected to raise nine thousand crore rupees from the IPO. State Bank of India holds 76 percent stake in SBI Cards. The remaining stake is with the Carlyle Group.