First Data Launches its IPO, Targets to Raise Up to $3.7 Billion
First Data Corp. headquartered in Atlanta launched its IPO, setting a price range, which may raise close to $3.7 billion. In that case, it would make the initial public offering the largest in the U.S. listing this year.
First Data Corp., the payment-processing company also said that it would offer close to five percent of its offering to employees and its clients. That includes millions of small businesses which use the company's devices along with network for processing credit and debit card transactions. The IPO will offer 160 million shares at a price range of $18 to $20 per share.
In 2007, First Data was taken private by KKR & Co. for $26 billion. The IPO could value the company at roughly $18 billion in case the prices are at the higher end of what the company expects and it sells maximum amount.
In the past few weeks the IPO market continued to be active. But the latest four U.S. listings were priced at a level below their expected range and so First Data aims to be cautious, say sources.
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