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NEW DELHI: Shares of SBI Cards and Payment Services jumped 8 per cent on Tuesday, a day after its debut on stock exchanges, even as the broader market remained depressed.
The stock ended the day at Rs 736.10, up 8.03 per cent on NSE.
On Monday, the scrip got listed at Rs 658 on the BSE, about 13 per cent discount to its issue price of Rs 755.
The scrip ended the first day at Rs 683.20, down 9.51 per cent against issue price.
Dalal Street analysts said a huge amount refunded by the company to those who were not allocated the shares may be diverted to the stock, providing some support.
Analysts were expecting the stock to list at around Rs 780-800 a piece against the IPO issue price of Rs 755.
The market was earlier anticipating a 30-35 per cent listing pop for the mega issue due to the scrip’s high demand in the unlisted market, but the recent correction in the secondary market dampened investor sentiment.
When the SBI Cards IPO was announced, the grey market premium for the stock stood at Rs 350 piece.
Sensing opportunity, HNIs bade heavily in the IPO, hoping for listing pop.
Data showed the quota for non-institutional category (NII) was subscribed 45.23 times, next only to QIB’s 57.18 times.
The issue, which ran from March 2 to March 5, was subscribed over 26 times.
