Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Monday, February 25, 2008

Visa Plans $18.8 Billion IPO

Visa filed its preliminary prospectus, dated February 25, 2008, for its IPO.  It proposes to offer 406,000,000 shares of Class A common stock with an expected price between $37-42 per share, for a maximum aggregate offering price of $18,757,200,000.  This will make it the largest U.S. IPO.  This IPO has been expected since Visa completed its reorganization in October 2007.  The prospectus identifies three uses for the proceeds: (1) to establish a $3 billion escrow account to pay for settlements and judgments in connection with antitrust litigation related to interchange fees and other related practices, (2) to use $10.2 billion to redeem class B and class C shares held by institutional investors, and (3) general corporate purposes.

http://lawprofessors.typepad.com/securities/2008/02/visa-plans-188.html

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