Financial Services

Visa IPO Prices at $44

03/18/08 - 06:44 PM EDT


The largest initial public offering in U.S. history is in the books.

Credit card king Visa priced 406 million shares at $44 apiece, according to various media reports, exceeding its original estimate of a $37 to $42 trading range.

The stock will begin trading Wednesday under the symbol V.

The company, which raised $17.9 billion from the IPO, plans to use about $10.2 billion in proceeds to redeem shares held by selling stakeholders, including JP Morgan ChaseJPM, National CityNCC, Bank of AmericaBAC and CitigroupC. Another $3 billion will be set aside to cover litigation costs and general corporate purposes.

This article was written by a staff member of TheStreet.com.

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