NEW DELHI: The mega IPO by SBI Cards and Payment Services (SBI) got fully subscribed on Day 3 of the bidding process. The issue has been subscribed 15.49 times so far despite a weak environment in the secondary market.The issue received bids for 1,55,35,33,765 shares compared with the issue size of 10,02,79,411 shares. The qualified institutional investors (QIB) quota was subscribed a whopping 57.18 times. Non-institutional investors (NII) quota 2.18 times, retail 1.77 times, employee 3.29 times and SBI shareholder quota was bid 3.29 times.The issue closed for QIBs today and will close for retail investors and HNIs on Thursday.The price band for the issue was fixed at Rs 750-755 and the minimum amount a small investor can invest by subscribing a lot of 19 shares is Rs 14,345.Geojit Financial Services, Angel Broking, Nirmal Bang Securities and Hem Securities, among others, have ‘subscribe’ ratings on the issue.The IPO demands a PE of 45.5 times and P/B of 14.5 times, which analysts said are on the higher side. But the company has no listed peers in India.“A look at more mature markets such as the US reveals that American Express , which derives over half of the revenue from consumer services including credit cards, trades at a trailing P/E of around 17 with ROE of nearly 30 per cent,” said Progressive Share Brokers.Sustainability of higher business growth and strong return ratios justify the premium valuation for the business, said ICICI Direct.“A 25 per cent growth rate appears self-sustainable on current RoE and dividend payout. Asset quality cycle has been benign for nearly a decade now, thus any disruption in credit cost cycle could significantly impact valuation and sustainable growth rate,” YES Securities said while recommending subscribe on the issue.Prabhudas Lilladher, which has a subscribe rating on the SBI Card IPO, values SBI Card at PEG of 1.2, which stands lower than 1.3 PEG for American Express that has 58 million cards-in-force and a enjoys market cap of $98 billion. The brokerage values the fair value of SBI Card stock at Rs 1,191.