Visa IPO Sets Record

Visa’s (V) IPO at $44 per share raised almost $18 billion dollars for the banks that own the transaction processor, makiong it the largest IPO in history. Within minutes it was trading at $59, up over a third.
According to Marketwatch, JP Morgan, National City, Bank of America, Citigroup, US Bancorp, and Wells Fargo own 58% of Visa, and the IPO will provide them with cash for their balance sheets and to offset the costs Visa’s recent legal trouble with American Express.

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