Visa Inc. IPO set for next week

New York -- Credit card giant Visa Inc. will hold its initial public offering next week, in what is expected to be the biggest IPO in U.S. history, a report said.

The San Francisco Chronicle reported that Visa will be selling as many as 440 million shares and raising as much as $19 billion, according to a Securities and Exchange Commission filing. Shares are estimated to be priced between $37 and $42 in the offering expected Wednesday.

About $10 billion of the proceeds from the IPO will go to the banks that currently own Visa shares. The remainder will be used to settle litigation pending against the company or to finance operations.

Managing the offering is J.P. Morgan Securities, Goldman Sachs and Banc of America Securities.

In preparation for its IPO, Visa changed from a membership association to a for-profit corporation last year, the newspaper said.

Copyright 2008 by United Press International.