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SBI Cards $1.4 billion IPO braves virus turmoil, subscribed 22 times

SBI Cards $1.4 billion IPO braves virus turmoil, subscribed 22 times

Friday, March 6, 2020, 9:31 AM

The $1.4-billion public issue of SBI Cards and Payment Services Ltd, India's largest IPO in over two-years, weathered the coronavirus-led global market turmoil and was subscribed 22.45-times by the final-day of bidding. The credit-card arm of the country's top public lender, State Bank of India, drew bids for 2.25-billion shares on Thursday, compared to the 100.3 million shares on offer, stock exchange data showed.
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