Visa expects net proceeds of approximately USD 17.3 billion, after deducting underwriting discounts and commissions and estimated offering expenses. Underwriters have a 30-day option to purchase up to 40.6 million additional shares of Class A common stock to cover over-allotments, meaning the size of sale could reach as much as USD 19.7 billion. The IPO’s underwriters are JP Morgan Securities, Goldman Sachs, Banc of America Securities, Citibank, HSBC Securities (USA), Merrill Lynch, UBS Investment Bank and Wachovia Securities.Visa’s IPO broke the US record of USD 10.6 billion set by AT&T Wireless in 2000. The world’s biggest IPO was made by Chinese bank ICBC on Shanghai and Hong Kong markets in October 2006.On 3 October 2007 Visa completed its corporate restructuring with the formation of Visa Inc. The new company was the first step towards Visa’s IPO. The second step wasmade on 9 November 2007 when the new Visa Inc. submitted its USD 10 million filling with the US Securities and Exchange Commission (SEC). On February 25 2008, Visa revealed that it would go ahead with an IPO of half of its shares.
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