The much-awaited initial public offering (IPO) of SBI Cards and Payment Services, a subsidiary of State Bank of India (SBI), will open on March 2, aiming to raise about Rs 90 billion.

The SBI Cards IPO comprises a fresh equity issue worth Rs 5 billion and a total dilution of around 14 percent is expected to be done through SBI Cards IPO via an Offer For Sale (OFS) route.

SBI holds 76 percent in SBI Cards and rest of the stake is held by Carlyle Group. While Carlyle is looking to sell a 10 percent stake in the company via IPO, SBI would sell 4 percent.

The share sale is poised to become the fifth-largest IPO in the country after Coal India, Reliance Power, GIC Re and Oil and Natural Gas Corp (ONGC) and will help the parent, SBI, raise funds to boost credit growth.