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Who decides the price band of an IPO?

For the announcement of the price band and the bid offer period, working day means all days, excluding all Saturdays, Sundays and public holidays on which commercial banks in Mumbai are open for business. The price band may move up or down to the extent of 20 per cent of the floor price and the cap price is revised accordingly. The  price  band and the minimum bid lot of an initial public  offer  ( IPO ) is decided by the promoters or selling shareholders of a company in consultation with the book running lead managers (BRLMs). It is advertised in widely circulated English and Hindi national newspapers, at least two working days prior to the offer opening date, with the relevant financial ratios calculated at the floor price and cap price and are made available to the stock exchanges for uploading on their websites. For the announcement of the price band and the bid offer period, working day means all days, excluding all Saturdays, Sundays and public holidays on whic...
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SBI Card IPO oversubscribed 15.5 times on Day 3, QIB subscription at 57x

Image result for sbi ipoSBI Cards and Payment Services, the first initial public offering of 2020 has seen a 15.48 times subscription on March 4, the third day of bidding. SBI Card is the biggest public issue after GIC Re which was launched in October 2017.
The issue has so far received bids for over 155.35 crore equity shares against IPO size of more than 10 crore equity shares (excluding anchor book), the exchanges data showed.
March 4 is the last day for qualified institutional bidders whose reserved portion was subscribed 57.18 times. The issue will remain open till March 5 for all other investors.
The portion set aside for non-institutional investors (or high networth individuals) saw 2.18 times subscription, while that of retail bidders 1.76 times.
The reserved portion of employees, for whom the country's second largest card issuer will offer shares at a discount of Rs 75 on final IPO price, has subscribed 3.29 times, while that of SBI shareholders saw 3.54 times subscription.
SBI Card launched its Rs 10,355 crore public issue on March 2, which consists a fresh issue of Rs 500 crore and offer for sale of over 13 crore shares by parent State Bank of India and CA Rover Holdings, an affiliate of global investment firm Carlyle Group, with a price band of Rs 750-755 per share.
"We believe SBI Cards IPO offer gives investor a unique opportunity to invest and own the 2nd biggest credit cards issuer in India after HDFC bank. We advise investors to invest for long term like parentage support from highly trusted brand SBI, a proxy to the fastest growing digital payments space and power of diversified reach of SBI," Prashanth Tapse, AVP Research at Mehta Equities told Moneycontrol.

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Who decides the price band of an IPO?

For the announcement of the price band and the bid offer period, working day means all days, excluding all Saturdays, Sundays and public holidays on which commercial banks in Mumbai are open for business. The price band may move up or down to the extent of 20 per cent of the floor price and the cap price is revised accordingly. The  price  band and the minimum bid lot of an initial public  offer  ( IPO ) is decided by the promoters or selling shareholders of a company in consultation with the book running lead managers (BRLMs). It is advertised in widely circulated English and Hindi national newspapers, at least two working days prior to the offer opening date, with the relevant financial ratios calculated at the floor price and cap price and are made available to the stock exchanges for uploading on their websites. For the announcement of the price band and the bid offer period, working day means all days, excluding all Saturdays, Sundays and public holidays on whic...
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