SBI Cards raises SGD 544 mn from investors like Singapore government, MAS ahead of IPO

State Bank of India (SBI) Cards and Payment Services has raised SGD 544 million (INR 2,769 crore) from investors, including the Singapore government and Monetary Authority of Singapore (MAS), ahead of its initial share sale starting on Monday.

(from left) P. Jamneshwar, Chief Executive Officer, SBI Singapore; Ambassador K Kesavapany; High Commissioner of India to Singapore Jawed Ashraf; Kishore Kumar Poludasu, Country Head of SBI Singapore; and Narandas Gangaram, Radha Exports, at the launch of State Bank of India (SBI) Singapore's new Jurong East branch, a reflection of SBI's growing presence in Singapore. Photo: Connected to India

Shares have been allotted at the offer's upper price band of SGD 14.52 (INR 755) apiece, as per a regulatory filing.

There are 12 mutual funds among the 74 anchor investors, who have been allocated 3,66,69,589 shares. Singapore government, Monetary Authority of Singapore, HDFC Mutual Fund, Government Pension Fund Global and Birla Mutual Fund, are among the anchor investors.

SBI Cards expects to raise around SGD 1.73 billion (INR 9,000 crore) through the IPO. As per draft paper for the IPO, SBI Cards would offer up to 130,526,798 equity shares through an offer-for-sale route.

With a balance sheet size of SGD 5 billion, SBI has plans to establish a strong banking presence in Singapore, also launching a mobile application YONO, which is the abbreviation for ‘You Only Need One’.