Shares for SBI Cards and Payment Services were allotted on Thursday as the markets witnessed a bloodbath. The SBI Cards initial public offer (IPO) saw a bumper response from investors who dodged fear of coronavirus to bid for the issue. The second-largest credit card issuer in the country received bids more than 266 crore shares against the offered 10 crore shares. SBI Cards IPO saw investors put in Rs 2 lakh crore, making it among a few IPOs that have gone that far in receiving bids. SBI Cards IPO was oversubscribed 26 times at the end of the bidding process, with Qualified Institutional Buyers (QIB) alone putting in bids worth Rs 1.04 lakh crore. As benchmark indices followed their global peer, investors questioned whether to celebrate or worry about the allotment of shares. If you are an investor in SBI Cards and Payment Services IPO, here’s how you can check your allotment status.
SBI Cards IPO was oversubscribed 26 times, which means not all those who bid will receive shares but allotment will be done through a lottery. The allotment status has been updated for you to check on the website of the ‘Registrar To The Offer’, which in this case is Link Intime India Private Ltd. You can check the number of shares you have applied for and the number of shares that have been allotted to them on Link Intime’s website.
On the website of Link Intime, you will be prompted to select the IPO you have bid for, which in this case will be SBI Cards and Payments Services. Bidders will also need to enter the PAN Number or the Application Number for the IPO. You can also check the allotment status by entering your Depository ID, which is the first eight-digits of your Demat account. After filling in these details, the next webpage will carry all the details that you need to check the allotment status.
The registrar of an IPO is responsible further to transfer the allotted shares to Demat accounts and process refunds as well. The bidding process for SBI Cards IPO ended on March 5.
SBI Cards IPO was oversubscribed by all the categories. Retail investors oversubscribed the issue 2.5 times, existing SBI share holders oversubscribed their portion by 25 times. SBI employees, who were getting a Rs 75 per share discount on the issue price, oversubscribed their portion by 4.74 times. Bids from NIIs jumped multiplied on the final day, going from 2.19 times oversubscription at the end of day three of the bidding process to 45 times oversubscription at the end of the bidding process. SBI Cards IPO is the fifth-largest IPO to enter the Indian market. The entire issue size of Rs 10,350 crore saw Rs 2,700 crore come in from anchor investors before the IPO bidding started on Monday.