India’s First Credit Card IPO Slips in Debut as Markets Tumble
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SBI Cards & Payment Services Ltd. declined in its stock market debut as investor uncertainty stemming from the coronavirus pandemic cast a shadow over the listing of India’s first pure-play credit card issuer.
The company’s shares opened at 658 rupees, versus an offer price of 755 rupees apiece, and closed at 681.4 rupees, valuing the credit card issuer at $8.6 billion.