New Delhi, Dec. 3 -- SBI cards, the credit card arm of India's largest public sector lender State Bank of India, expects credit card industry spends to grow 2.5 times in the next five years.

SBI Cards initial public offer (IPO), which aims to raise around Rs.9,600 crore and is awaiting regulatory approval, is set to be India's biggest this financial year.

With a market share of 18%, SBI Cards is the second-largest credit card issuer in the country with 9.46 million credit cards as on 30 September.

In its draft prospectus filed with the Securities and Exchange Board of India (Sebi), the company expects credit card volumes to grow at a CAGR of 25%. "The number of credit cards issued stands at 47.0 million in FY19, having grown at a CAGR ...