News

Visa raises USD 17.9 billion in record US IPO

Tuesday 25 March 2008 14:30 CET | News

On 18 March Visa raised over USD 17 billion in the largest share offering in the US history. Visa sold 406 million shares of Class A common stock priced USD 44 per share, higher than the expected USD 38 to 42 price per share, raising almost USD 17.9 billion before it begins trading on the New York Stock Exchange under the ticker symbol ‘V.

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.


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords:
Categories: Payments & Commerce
Companies:
Countries: World
This article is part of category

Payments & Commerce






Industry Events