The SBI Card IPO

Snowflake IPO: A Rebound for the US Stock Market
Case Code: FINC180
Case Length: 13 Pages
Period: 2020-2021
Pub Date: 2021
Teaching Note: Available
Price: Rs.300
Organization: SBI Cards and Payment Services Limited
Industry: Credit Card
Countries: India
Themes: IPO , Going Public
Snowflake IPO: A Rebound for the US Stock Market
Abstract Case Intro 1 Case Intro 2 Excerpts

Introduction

On March 16, 2020, SBI Cards and Payment Services Limited (SBI Card), the second-largest credit card issuer in India and a subsidiary of State Bank of India (SBI), was listed on the stock exchange and became the first-ever Indian credit card company to be listed. At the National Stock Exchange (NSE), SBI Card debuted at Rs. 661 per share and traded in the range of Rs. 656-755. By the end of the day, it closed (adjusted) at Rs. 680.14. This was 9.92% down against the Initial Public Offer (IPO) price of Rs. 755 per share. Experts stated that this had happened mainly due to a sudden jump in COVID-19 cases around the world. Share market participants around the globe adopted risk-off sentiments as the number of countries affected by COVID-19 was increasing..

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