NEW DELHI: SBINSE -1.12 % Cards and Payments (SBI Card) got off to a tepid debut on Monday, as the scrip got listed at Rs 658 on the BSE, a 12.85 per cent discount to its issue price of Rs 755. The scrip ended at Rs 683.20 on BSE, down 9.51 per cent against issue price.
Analysts were expecting the stock to list at around Rs 780-800 a piece against the IPO issue price of Rs 755.
The issue, which ran from March 2 to March 5, was subscribed over 26 times.
The quota reserved for qualified institutional buyers (QIB) was subscribed 57.18 times while non-institutional investors’ category was subscribed 45.23 times.
The market was earlier anticipating a 30-35 per cent listing pop for the mega issue due to the scrip’s high demand in the unlisted market, but the recent correction in the secondary market had dampened investor sentiment a bit. The listing would be a big blow for the HNI investors, who had borrowed money at 13-15 per cent rate of interest to bet on the issue.
When the SBI Cards IPO was announced, the grey market premium for the stock stood at Rs 350 piece. Sensing opportunity, HNIs bade heavily in the IPO, hoping for listing pop. Data showed the quota for non-institutional category (NII) was subscribed 45.23 times, next only to QIB’s 57.18 times.
