Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

SBI Cards & Payment Services / Equity Capital Markets

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<p>SBI Cards (SBIC) plans to raise up to US$1.5bn via selling a mix of primary and secondary shares in its Indian IPO. SBIC is a subsidiary of <a href="https://www.smartkarma.com/entities/state-bank-of-india" target="_blank" data-smartkarma-citation="entities:160:1" rel="noopener">State Bank Of India (SBIN IN)</a>, India’s largest commercial bank. It is currently, prior to listing, 74% owned by SBI with Carlyle, a private equity firm, owning the balance 26%.</p>
<div id="annotable-executive_summary-1">SBI Cards (SBIC) is the second-largest credit card issuer in India, with an 18% market share in terms of the number of credit cards outstanding and 17.9% market share in terms of total credit cards spending, as of six months ending Sep 2019. As of Sep 2019, SBIC had 9.46m credit cards outstanding.</div>
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</div><div>In my previous insight, <a href="https://www.smartkarma.com/insights/sbi-cards-and-payments-pre-ipo-the-positives-ticks-a-lot-of-boxes" target="_blank" rel="noopener">SBI Cards and Payments Pre-IPO - The Positives - Ticks a Lot of Boxes</a>,  I spoke about the positive aspects of the company. In this insight, I'll touch upon some of the not so flattering angles.</div>


SBI Cards (SBIC) plans to raise up to US$1.5bn via selling a mix of primary and secondary shares in its Indian IPO. SBIC is a subsidiary of State Bank Of India (SBIN IN), India’s largest commercial bank. It is currently, prior to listing, 74% owned by SBI with Carlyle, a private equity firm, owning the balance 26%.
SBI Cards (SBIC) is the second-largest credit card issuer in India, with an 18% market share in terms of the number of credit cards outstanding and 17.9% market share in terms of total credit cards spending, as of six months ending Sep 2019. As of Sep 2019, SBIC had 9.46m credit cards outstanding.

In my previous insight, SBI Cards and Payments Pre-IPO - The Positives - Ticks a Lot of Boxes,  I spoke about the positive aspects of the company. In this insight, I'll touch upon some of the not so flattering angles.

SBI Cards and Payments Pre-IPO - The Negatives - Banking on a Single Growth Driver

<p>SBI Cards (SBIC) plans to raise up to US$1.5bn via selling a mix of primary and secondary shares in its Indian IPO. SBIC is a subsidiary of <a href="https://www.smartkarma.com/entities/state-bank-of-india" target="_blank" data-smartkarma-citation="entities:160:1" rel="noopener">State Bank Of India (SBIN IN)</a>, India’s largest commercial bank. It is currently, prior to listing, 74% owned by SBI with Carlyle, a private equity firm, owning the balance 26%.</p>
<p>SBI Cards (SBIC) is the second-largest credit card issuer in India, with an 18% market share in terms of the number of credit cards outstanding and 17.9% market share in terms of total credit cards spending, as of six months ending Sep 2019. As of Sep 2019, SBIC had 9.46m credit cards outstanding.</p>
<p>In this insight, I'll talk about the positive aspects of the company.</p>

SBI Cards (SBIC) plans to raise up to US$1.5bn via selling a mix of primary and secondary shares in its Indian IPO. SBIC is a subsidiary of State Bank Of India (SBIN IN), India’s largest commercial bank. It is currently, prior to listing, 74% owned by SBI with Carlyle, a private equity firm, owning the balance 26%.
SBI Cards (SBIC) is the second-largest credit card issuer in India, with an 18% market share in terms of the number of credit cards outstanding and 17.9% market share in terms of total credit cards spending, as of six months ending Sep 2019. As of Sep 2019, SBIC had 9.46m credit cards outstanding.
In this insight, I'll talk about the positive aspects of the company.

SBI Cards and Payments Pre-IPO - The Positives - Ticks a Lot of Boxes

India

SBI Cards and Payment Services Private Limited provides credit card services. The Company offers payment products and services in the form of corporate and credit cards with incentive and rewards programs. SBI Cards and Payment Services serves customers in India.

SBI Cards & Payment Services (SBICARD IN)

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SBI Cards & Payment Services (SBICARD IN)

SBI Cards and Payments Pre-IPO - The Negatives - Banking on a Single Growth Driver

SBI Cards (SBIC) plans to raise up to US$1.5bn via selling a mix of primary and secondary shares in its Indian IPO. SBIC is a subsidiary of State...

Sumeet Singh

SBI Cards and Payments Pre-IPO - The Positives - Ticks a Lot of Boxes

SBI Cards (SBIC) plans to raise up to US$1.5bn via selling a mix of primary and secondary shares in its Indian IPO. SBIC is a subsidiary of State...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)