Release Date: 2008-03-19
Original Link: http://presszoom.com/story_144032.html
Source: Nassau County Accountants
VISA, the credit card giant, opened up the largest IPO of stock which could be valued at $17.9 billion or $44 a share after Wall Street had tremendous gains today. The VISA IPO is the largest IPO ever surpassing the AT&T event in 2000. There are 406 million shares available on Wednesday.
(PressZoom.com) - VISA, the credit card giant, opened up the largest IPO of stock which could be valued at $17.9 billion or $44 a share after Wall Street had tremendous gains today. The VISA IPO is the largest IPO ever surpassing the AT&T event in 2000. There are 406 million shares available on Wednesday.
The two lead underwriters, J.P. Morgan and Goldman Sachs moved up the IPO a day early as it was supposed to debut Thursday. An amended registration covers about 40 million shares in case of overallotment.
The sensation over VISA is partly due to the success of rival MasterCard who had an IPO offering in May of 2006. The stocks have risen to five times the price from their initial offering. The price of the Mastercard stock seems to be unaffected by the recent turmoil of the stock market and Fed Rate cuts.
Visa has posted net income of $424 million from the fourth quarter in year 2007. This net income is from a gross revenue of $1.49 billion.