SBI Cards and Payments got off to a tepid debut on Monday, as the scrip got listed at Rs 658 on the BSE, a 12.85% discount to its issue price of Rs 755. On NSE, the scrip listed at Rs 661, down 12.45% against its issue price.

The issue, which ran from March 2 to March 5, was subscribed over 26 times. The quota reserved for qualified institutional buyers (QIB) was subscribed 57.18 times while the non-institutional investors’ category was subscribed 45.23 times. Retail and employee portions were subscribed to 2.50 times and 4.74 times, respectively.

The market was earlier anticipating a 30-35 percent listing pop for the mega issue due to the scrip’s high demand in the unlisted market, but the recent correction in the secondary market had dampened investor sentiment a bit. The listing would be a big blow for the HNI investors, who had borrowed money at a 13-15 percent rate of interest to bet on the issue.

When the SBI Cards IPO was announced, the grey market premium for the stock stood at Rs 350 piece. Sensing the opportunity, HNIs bade heavily in the IPO, hoping for listing pop. The company had fixed a price band of Rs 750-755 per share for the IPO.

Dalal Street analysts said a huge amount refunded by the company to those who were not allocated the shares may be diverted to the stock, providing some support.

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 are the managers to the offer.