Visa’s $17.9-billion IPO sets record
Visa Inc. raised $17.9 billion late Tuesday to complete the largest initial public offering in U.S. history and help prop up the wobbly financial services industry.
The world’s largest processor of credit and debit cards sold 406 million shares at $44 apiece to easily eclipse the previous U.S. record IPO of $10.6 billion set by AT&T; Wireless eight years ago.
If investment bankers exercise an option on an additional 40.6 million shares, Visa’s IPO would end up raising $19.7 billion before expenses.
Visa shares, trading under the “V” ticker symbol, were scheduled to begin trading today on the New York Stock Exchange. The San Francisco company will debut with a market value of about $36 billion.
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
