IPO market has come alive with the issue of SBI Cards. The IPO has achieved highest subscription from qualified institutional buyers (QIB) category. On the last day on Wednesday, the QIB portion was subscribed by ₹1.04 lakh crore. Overall, the issue saw bids for 155 crore shares as against 10.02 crore shares on offer. Overall, the issue was oversubscribed by 57.18 times.

QIB portion of HDFC AMC had received bids worth ₹93,000 crore. QIBs had bid more than ₹55,000 crore for shares of Avenue Supermart, the promoter of retail chain D-Mart. Bandan Bank QBI portion was subscribed by ₹35,000 crore and IRCTC got ₹34,500 crore in the QIB category.

Robust QIB category bid indicates money is waiting on the sidelines for quality IPOs since interest in the broader markets seems less. Experts told BusinessLine that QIB interest in higher in new kind of businesses where either there are less or no listed companies in the space.

The price band of SBI Cards was fixed at Rs 750-755 and the minimum amount a small investor can invest by subscribing a lot of 19 shares is ₹14,345. The price to earnings (PE) of SBI Cards is 45.5 times and price to book P/B of 14.5 times. Yet, the IPO is a success as it has no listed peers in India. The IPO aims to raise ₹10,350 crore.

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