SBI Cards & Payment Services (SBIC), a JV between SBI & CA Rover Holdings (Carlyle Group) is launching an IPO with OFS of 130.5mn shares (~` 98.5 bn) and fresh issue of ` 5 bn. It is the 2nd largest credit card issuer in India with market share of ~18% and the largest co-brand credit card issuer, having partnerships with several major players. It is a play on improving...