SBI Cards and Payments Services Ltd, the credit card subsidiary of SBI, has filed has draft red herring prospectus with capital market regulator Sebi, news agency Reuters reported today. The issue consists of fresh issue of 500 crore and an offer for sale of up to 13.05 crore equity shares, it added.

SBI Cards is the second-largest credit card issuer in the country, with 8.8 million outstanding cards as of June 30. It only trails private lender HDFC Bank in terms of the number of cards issued.

At the end of March 31, 2019, SBI Cards, which is 74% owned by SBI and 26% by US private equity firm Carlyle Group, had total assets worth 195.93 billion rupees.

India's credit card market is still small compared to its debit card market. The latest regulatory data shows that there were 49.6 million credit cards in circulation in the country, compared with 836 million debit cards.

SBI Card will be SBI's second subsidiary to be listed. In 2017, the bank's life insurance business SBI Life Insurance was listed.

The IPO of Ujjivan Small Finance Bank will open on December 2 and the price band has been fixed at 36-37 a share. The proposed issue of Ujjivan Small Finance Bank comprises of a fresh issue of equity shares aggregating up to 750 crore and a portion of the issue aggregating up to 75 crore has been made available for the eligible Ujjivan Financial Services shareholders, on a proportionate basis. (With Agency Inputs)