State Bank of India (SBI) plans to raise about Rs 8,000 crore by selling a minority stake in the initial share sale of SBI Cards, a company that has also turned out to be a multi-bagger for the lender’s privateequity partner in the business – Carlyle.“State Bank of India has initiated the process to sell 14 per cent stake in SBI Cards and is looking to raise Rs 8,000 crore through the public issue, valuing the company at Rs 57,000 crore,” said a source close to the development. “Both SBI and Carlyle will sell stakes in the IPO.”SBI Cards is a joint venture where SBI owns 74 per cent. Buyout firm Carlyle, which owns the remaining 26 per cent, will likely sell a part of its holding in the upcoming IPO. Back in 2017, when Carlyle joined the business as a financial investor, the valuation was Rs 8,000 crore.Carlyle had come into the joint venture when GE Capital exited after two decades. Nomura, Axis Capital, Bank of America Merrill Lynch , HSBC, Kotak Mahindra Capital and SBI Caps are bankers to the issue, sources told ET.The business is operated through two joint-venture companies, SBI Cards & Payment Services and SBI Capital Business Process Management Services, which issue credit cards and process card transactions in the Indian market. SBI had increased its stake in the card company in December 2017 from 60 per cent to 74 per cent by buying shares from GE Capital.The card subsidiary saw profit grow 92 per cent to Rs 727 crore in the first half of the current financial year from Rs 378 crore. Return on equity was at 36 per cent.It is the second largest credit card company in India with a card base of 9.5 million after HDFC Bank , with over 13 million. In total spend, the market share is 17.7 per cent while by way of card base, it is 18 per cent.In FY2019, the company’s card base has grown by 32 per cent. Recently, it launched a cobranded card “Apollo SBI”, offering benefits on health and wellness services. It also launched the “SBI Doctors Card”, exclusively for doctors, in partnership with the Indian Medical Association. It is registered as an NBFC and issues credit cards in India.Last year, the card company launched Etihad Guest SBI Card for frequent international travellers. It also launched SME Card for Small and Medium Enterprises (SME) segment and co-branded credit card with Allahabad Bank for the customers of Allahabad Bank.SBI entered the credit cards business in 1998 by partnering GE Capital India, the consumer finance arm of GE Capital. SBI owned 40 per cent and 60 per cent stake in the two JVs. It later raised its stake to 74 per cent in December 2017.SBI Cards, which is into both individual and corporate card segments, has a number of partnerships outside the SBI. It has tie-ups with Capital First, IRCTC, Air India, Ola, Yatra, Bharat Petroleum and a host of PSU banks.