SBI's credit card business plans IPO to raise nearly $1.25 billion

SBI Cards and Payment Services Ltd, the credit card subsidiary of State Bank of India (SBI) , India’s largest lender, filed plans for an initial public offering (IPO) with the markets regulator and stock exchanges on Wednesday. The company plans to issue new shares worth 5 billion rupees and will offer up to 130.5 million shares for sale, according to the draft prospectus published by the lead managers of the deal. The prospectus does not disclose the size of the IPO which is estimated to be between 80 billion rupees ($1.1 billion) and 90 billion rupees ($1.2 billion), according to local media reports, which would make it one of the biggest ever in India.