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All eyes are on the allocation of SBI Cards shares after the IPO closed on March 5th. Despite a plunging market, SBI Cards IPO was subscribed over 22 times in one of the largest share sale in recent times. If you had invested in the IPO, then you can check the status of your allotment on the website of Link Intime India, the registrar of the IPO. The share allocation is likely to be decided on Wednesday. And the listing on BSE and NSE is likely to happen on March 16th.

SBI Cards, the credit card arm of the SBI, the country's top public lender, drew bids for 225 crore shares, compared about 10 crore shares on offer, stock exchange data showed. Non-institutional investors category was subscribed 45 times and retail individual investors 2.5 times.

SBI Cards’ ₹10,000 crore IPO is the first by a credit card issuer in India and the fifth largest by any company in India. The issue, which opened on March 2, came at a time when global financial markets were roiled by fears of the economic impact of the coronavirus.

Analysts said they had anticipated a higher subscription rate but acknowledged that the spread of the coronavirus had major knock-on effects on markets and the wider economy.

But “looking at current economic conditions globally, the IPO has still fared better (than expected)," an economist at Mumbai-based Anand Rathi Securities, Sujan Hajra, told AFP.

India’s biggest bank, SBI, which held 74% of SBI Cards, sold its 4% stake. Carlyle Group, which held 26%, was selling its 10% stake.

Kotak Mahindra Capital Company, Axis Capital, DSP Merrill Lynch, HSBC Securities and Capital Markets (India), Nomura Financial Advisory and Securities (India), and SBI Capital Markets were the lead managers for the IPO. (With Agency Inputs)