Coronavirus spoils SBI Cards debut, listing at far below issue price
New Delhi, Business NEWS . Uncertainties related to coronaviruses affected the stock market's rollout on the much-awaited SBI Cards listing and the company's shares were listed well below the issue price. According to the news agency PTI report, the company's shares on BSE opened 12.84% below the issue price i.e. Rs 658. At the same time, the company's shares opened at Rs 661, down 12.45% on the NSE. The 10,000 crore IPO of SBI Cards and Payment Services Ltd received more than 22 times the subscription. SBI Cards is the first credit card company to be listed on the stock market. The listing of the company's shares took place at a time when there is an atmosphere of turmoil caused by coronavirus worldwide. There was tremendous enthusiasm in investors Investors had shown tremendous interest in this IPO, given the track record of SBI Cards' parent company SBI and the strong presence of SBI Cards in the credit card market. However, with the closur