SBI Cards & Payment Services, which is hitting the primary market with a Rs 9,000-crore initial public offering, has set the price band for the share sale at Rs 750-755.

The IPO, opening on March 2 and closing on March 4, comprises a fresh issue of equity shares aggregating to Rs 500 crore and an offer for sale where promoters will offload nearly 13 crore shares.

Promoters SBI and Carlyle Group will offload 3.73 crore shares and 9.32 shares, respectively.

SBI holds a 74 per cent stake in SBI Cards and the rest is held by the Carlyle Group and they will pare their stakes by 4 per cent and 10 per cent, respectively, SBI managing director Dinesh Khara told reporters.

SBI Card’s market share in terms of the number of credit cards outstanding is 18 per cent. The pure-play credit card company’s gross NPA stood at 2.47 per cent in December 2019 compared with 2.44 per cent in March 2019 and 2.83 per cent in March 2018, he said.

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