Virus Panic Weighs on India’s Blockbuster Credit Card IPO
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As India’s first billion-dollar share sale in more than two years and the only credit card firm in the nation to go public, SBI Cards and Payment Services Ltd.’s float may exceed the $1.4 billion target. The question is by how much in the face of the coronavirus outbreak.
SBI Cards began taking orders on Monday, the day the nation’s stocks fell for the seventh day amid the virus scare. At the upper end of the price band of 755 rupees apiece, the offering will fetch 103 billion rupees ($1.4 billion) and value the issuer at over 49 times its trailing 12-month earnings -- the costliest among global peers including Visa Inc. and American Express Co.