26-02-2008
Visa plans flotation
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
The world's largest credit card company is planning to float on the New York Stock Exchange.
Although exact details have yet to be announced, it is known that Visa plans to sell up to $18.75 billion (£9.52 billion) in shares on the exchange, with a total of 446.6 million in stock being issued. It is expected that individual shares will be valued at between $37 and $42 each.
"Everyone knows the Visa brand; our cards are accepted at millions of places worldwide. However, Visa the company is not so well understood," said Visa.
Under the terms of the proposed flotation, while 50 per cent of the company is to be offered on the market, the remaining 50 per cent will remain under the ownership of a number of banks. Visa Europe, is known to have been excluded from the flotation and the company will stay under the ownership of 4,500 of Europe's banks.