From the San Francisco Chronicle--Visa draws high card:
"Visa's underwriters got commitments from buyers to take 406 million shares at $44 per share, raising $17.9 billion, by far the largest IPO ever carried out in the United States."The NY Times looks at how much Investment Bankers will make on the deal:
" ...the offering will generate a windfall for Visa’s thousands of member banks, which own the company. JPMorgan Chase is expected to reap about $1.25 billion, while Citigroup and Wells Fargo are likely to receive several hundred million dollars each."Forbes focuses on what the money will be used for:
"The credit-card processing company plans to use roughly $10.2 billion in proceeds to redeem shares held by selling stakeholders and has reserved $3 billion to cover litigation costs. The company has been involved in several major suits with competitors and disgruntled card users.
Remaining proceeds will be used for general corporate purposes."