The Associated Press
Visa might raise as much as $17 billion in what would be the biggest U.S. initial public offering as the largest credit-card network tries to replicate the success of MasterCard, which has quintupled since its initial offering two years ago.
Visa plans to sell 406 million Class A shares for $37 to $42 each, the San Francisco-based company said in a regulatory filing today. Investment banks have the option of selling an additional 40.6 million shares, pushing the size of the deal to $18.8 billion.
Fifteen investment banks are managing Visa’s sale, led by JPMorgan Chase and Goldman Sachs. Others include Bank of America and Citigroup. The stock will list on the New York Stock Exchange under the ticker V.