SBI Card & Payments Services Ltd, the credit card subsidiary of State Bank of India (SBI), plans to raise about 80 billion Indian rupees ($1.12 billion) via an initial public offering this year, a senior SBI executive involved in the process said.
"Roughly about an 8% stake will be divested and after seeing the valuations and the inputs we are getting it would translate to 80 billion rupees," said the source directly involved in the process, who asked not to be named as the details are not public.
This would value the overall business at about 1 trillion rupees.
SBI and SBI Card did not immediately respond to requests for comment.
At the end of March 31, 2019, SBI Card, which is 74% owned by SBI and 26% by U.S private equity firm Carlyle Group, had total assets worth 195.93 billion rupees.