The lock in period of 30 days is ended on 13th April 2020 for SBI Card anchor investors.
Anchor Investors were some institutions to whom some shares were offered at the time of IPO, shares of the company are closed at Rs. 505.5 i.e. down approx 15% on NSE on Monday, April 13, 2020.
The Issue price of IPO was Rs. 755 per share and since then the shares have fallen approx 33% since the listing. Stock has touched Rs. 769 after listing once but is falling since then.
SBI Card was one of the most awaited IPO in recent times and was subscribed to over 26times but Corona have hit the IPO’s valuations and it is making lifetime lows on bourses.
RBI has made it discretionary for card customers to pay their card dues and also 90% decrease in spent across segment, makes the quarter looks weak for the performance of stock, while bounce will also be sharper after the lockdown led by grocery and utility bill payments.
The increase in stake can also be seen from Mutual funds and foreign investors side, the stock looks very attractive to us at Rs. 450/- levels.