The country's largest lender State Bank of India is likely to file a red herring prospectus for the IPO of SBI Cards and Payment Services with the Registrar of Companies (ROC) on February 18, according to a CNBC-TV18 report.

The report quoted unnamed sources stating the Initial Public Offering (IPO) is expected to be launched between March 2-5 , and the total dilution could be around 14 percent through public offer.

The business channel also reported that that SBI will dilute 4 percent and Carlyle would dilute its 10 percent stake with the SBI Cards public issue.

The report noted that SBI is likely to raise Rs 2,780-2,880 crore with this IPO.

The offer price for IPO is likely to be fixed between Rs 745-775 per share and with this, SBI Cards is likely to be valued at Rs 69,500-72,000 crore post listing, according to the sources quoted in the report.

SBI Cards intends to use the proceeds of the fresh issue for augmenting its capital base to meet its future capital requirements.

Currently State Bank of India holds 74 percent stake in SBI Cards and the rest is held by CA Rover Holdings, an affiliate of Carlyle Asia Partners IV.

The book running lead managers to the issue are 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.