SBI Cards and Payments Services, the credit card subsidiary of State Bank of India, has filed draft red herring prospectus for its initial public offer with market regulator Securities and Exchange Board of India. The company plans to offer up to 13 crore equity shares via offer for sale route, which will include up to 3.7 crore share sale by SBI and up to 9.3 crore shares on offer by Carlyle Group (CA Rover). Additionally, the company plans to issue fresh equity shares worth Rs 500 crore. Up to 0.1 crore shares have been reserved for employees of the company whereas 1.3 crore have been reserved for SBI shareholders. SBI Cards is the second-largest credit card issuer in India with an 18% market share.