NEW DELHI: SBI Cards and Payment Services (SBI) received bids of about Rs 2 lakh crore for its IPO till Thursday afternoon.The issue was subscribed 26.22 times on final day, which at the upper limit of the price band of Rs 755 was worth Rs 1,98,550 crore.The QIB category alone bade for Rs 1,04,586 crore shares compared with the issue size of Rs 1,846 crore. Quota for non-institutional investors or HNIs was subscribed 43.71 times or Rs 60,526 crore. Retail quota was subscribed 2.49 times, employee 4.73 per cent and shareholders 25.08 per cent, data suggested.The bidding process closed for QIBs on Wednesday. Only retail and high-network individuals (HNIs) participated in Thursday’s special window.Geojit Financial Services , Angel Broking, Nirmal Bang Securities and Hem Securities , among others, have ‘subscribe’ ratings on the issue.“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.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.