The initial public offer or IPO of SBI Cards and Payment Services, which opened on Monday, is expected to see a strong response. As of 3 pm on Day 2, the issue was subscribed nearly over 70% with strong response seen from the portion reserved for retail investors. Price range for the offer, which closes on March 5, has been fixed at 750-755 per share. Users of Zerodha, India's biggest stock broking firm, can apply for SBI Cards IPO using any supported BHIM UPI app.

How to apply for SBI Cards IPO through Zerodha

1) Install the latest version of the BHIM UPI app. Log into Zerodha Console and select ‘IPO’ in the ‘Portfolio’ menu.

2) Select SBI Cards IPO from the list of open issues.

3) Enter your UPI ID and click on 'verify' to get its validity checked. Make sure this UPI ID is mapped to your personal bank account. The IPO application is liable to get rejected if the person who is applying is different from the one whose bank account is used to apply.

4) Select the investor type for your application and place your bids. If you wish to apply at the cut-off price, simply click on the checkbox next to ‘Cutoff-price’.

5) Once you’ve completed all these steps, click on the checkbox to confirm that you have read the RHP and other documents and click on submit.

6) You will receive a message from the bank that you have received a UPI mandate to collect request from SBI Cards for the amount. Then accept mandate request on your BHIM UPI App.

SBI Cards is likely to list on BSE and NSE on 16th March while allotment finalisation is likely to happen on 11th March.

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