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The Jehoshua Novels


Markets

3:05P Visa IPO to trade a day early on Wedesday, sources say (V, GS, JPM)
NEW YORK (MarketWatch) — Underwriters for the blockbuster Visa Inc. (V) deal moved up the trading of the initial public offering by one day to Wednesday, according to reports on Friday. Moving up the schedule by one day means that Visa will price its 406 million shares at $37-$42 a share on Tuesday night, in a bid to raise about $16 billion. It’s posied to exceed the $11 billion raised by AT&T Wireless in 2000 as the richest IPO ever in the U.S. J.P. Morgan (JPM) and Goldman Sachs (GS) are underwriting the IPO, which will trade on the New York Stock Exchange under the symbol V.

2 comments to Markets

  • vonbahr

    In the midst of the staggering Bear Stearns story, we have this. An IPO when at the same time a venerable Wall Street brokerage/investment bank needs intercession from the Federal Reserve (and JP Morgan-Chase)? How could they expect to raise capital in a market environment like this?

    Well, this can actually be seen as part of the rescue, an attempt to stick multiple fingers in the pock-marked seriously leaking Wall of the Street. The banks actually own much of VISA and the proceeds will supposedly help to bolster the capital base of the member banks. Mastercard “went public” over a year ago @ $39 (and now trades @ $208/share). This could add billions of desperately needed capital to the balance sheets. It had better be successful.

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