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The IPO of SBI cards has been oversubcribed by a staggering 56 times in the QIB category. 

The IPO closes for subscription tomorrow. The subscription has exceeded 15 times on an overall basis with the Retail and Shareholder quota having subscribed close to 2 times

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Following are entitled to apply in employees quota in upcoming IPO of SBI Cards Limited

Eligibility Rules

• A permanent employee of SBI Cards or SBI, working in India or outside India (excluding employees who are not eligible to invest in the Offer under laws).
• A whole-time or part-time Director of SBI Cards who is eligible to apply under the Employee Reservation Portion on the date of filing of the RHP and who continues to be a Director of SBI Cards, until the submission of the Bid cum Application Form.
• SBI Retired Employees are not eligible to apply in SBI Cards IPO under employee quota
• Eligible Employees should mention their employee number at the relevant place in the Bid cum Application Form.
• Directors who directly or indirectly, hold more than 10% of the outstanding Equity Shares in SBI Cards are not eligible to apply.

General rules for SBI Cards IPO Shareholder quota

1. SBI Shareholders i.e. individuals and HUFs who are equity shareholders of SBI can only apply. (The sole/ First Bidder shall be a SBI Shareholder)
   
2. Only those Bids, which are received at or above the Offer Price, would be considered for allocation under this category. To clarify,
   (a) SBI Shareholders bidding in the SBI Shareholders Reservation Portion above ₹200,000 cannot Bid in the Net Offer as such Bids will be treated as multiple Bids.
   (b) Bids by SBI Shareholders in SBI Shareholders Reservation Portion (subject to Bid Amount being up to ₹200,000) and in the Employee Reservation Portion (as Eligible Employees), shall not be treated as multiple Bids
   (c) Therefore, SBI Shareholders bidding in the SBI Shareholders Reservation Portion (subject to the Bid Amount being up to ₹200,000) and bidding in the Employee Reservation Portion (as Eligible Employees) can also Bid under the Net Offer and such Bids will not be treated as multiple Bids
   
3. SBI Shareholders bidding in the SBI Shareholders Reservation Portion above ₹200,000 cannot Bid in the retail or employee category.
   
4. SBI Shareholders bidding in the SBI Shareholders Reservation Portion (up to ₹200,000) and bidding in the Employee Reservation Portion (as Eligible Employees) can also Bid in the retail category
   
5. SBI Shareholders Bidding under the SBI Shareholders Reservation Portion (subject to the Bid Amount being up to ₹200,000) are entitled to Bid at the Cut-off Price.

SBI Cards & Payment Services, the country's second largest credit card provider, is all set to file its draft red herring prospectus (DRHP) early next week and move towards launching the first domestic initial public offer (IPO) by a pure-play credit card company. State Bank of India holds a 74 percent stake in the company while private equity giant Carlyle holds the remaining 26 percent

SBI Card has a wide portfolio catering to both individual and corporate customers. It offers variety of cards across consumer segments that include:

• Premium Cards - SBI Card Elite, SBI Card PRIME, Doctor’s SBI Card
• Classic Cards - SimplySAVE SBI Card
• Industry first initiatives- SimplyCLICK SBI Card, SBI Card Unnati
• Corporate cards - SBI Signature Corporate Card, SBI Platinum Corporate Card
• Co-branded cards – Ola Money SBI Card, Etihad Guest SBI Card, Apollo SBI Card, BPCL SBI Card, IRCTC SBI Card, TATA Cards, Yatra SBI Card, fbb SBI STYLEUP Card, Air India SBI Card, Mumbai Metro SBI Card, Capital First SBI Card