Loans -
visa announces public offering - 25/02/2008
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Visa has said it could raise nearly $19bn from a public offering, which would make it the largest initial public offering in US history.
The world’s biggest credit card company, in a filing with the Securities and Exchange Commission on Monday said it would sell up to 447.2m shares at between $37 and $42 each.
The IPO would offer 406m shares for public sale. Visa’s underwriters have the option to buy a further 40.6m of its shares.
Visa’s underwriters included JP Morgan Securities, Goldman Sachs, Banc of America Securities, Citigroup, HSBC Securities, Merrill Lynch, Pierce, Fenner & Smith, UBS Securities and Wachovia.
This comes during the credit crunch, caused by America’s sup-prime mortgage crash. Many borrowers are turning to secure loans as sources of credit dry up.
Visa said it made a net loss $861m last year, as it took a $1.9bn litigation provision related to settlement of a legal battle with American Express. The company, which hopes to drum up massive sums, said it would take the stock exchange symbol ‘V’.
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