SBI Cards plans to launch mega IPO

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

According to a recent PTI report, SBI Cards MD and CEO Hardayal Prasad had said that credit business had huge potential to grow in view of the very low penetration in the country

IPO is all set to raise around Rs 9000 crore, making it the biggest listing yet in FY20