Visa Shares Soar in Boon to Bank Owners

Visa Inc shares soared as much as 38 percent on Wednesday in their debut on anticipation of strong growth in credit card usage, handing a much-need payday to the U.S. banks among Visa's stakeholders.

More than half of the proceeds of Visa's record $17.9 billion initial public offering will go to JPMorgan, Bank of America Corp, National City Corp, Citigroup Inc and the other banks that are Visa shareholders.

AT&T Wireless Service Inc's $10.6 billion IPO in 2000 had been the U.S. record. Visa's IPO would place second worldwide after Industrial & Commercial Bank of China Ltd's $22 billion IPO in 2006, according to Reuters Data, if an overallotment option is exercised.

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- Posted: 2008-03-20 08:22:02

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