CINCINNATI – Vantiv, a card processor for more than 800 credit union known until July as Fifth Third Processing Solutions, filed to raise funds with an initial public offering that could be one of the biggest IPOs of the year.
The preliminary prospectus filed with the Securities and Exchange Commission says the IPO would raise at least $100 million, but observers expect the offering to be more than $1 billion.
Vantiv is a joint venture between Cincinnati’s Fifth Third Bancorp and Boston private equity fund Advent International, which owns 51% of the venture.
The company has been processing credit union cards for several years but carved out a major market share in July 2010 when it acquired TNB Card Services, the card processing business of credit union-owned Town North Bank of Dallas, which served 370 credit unions with more than 1.4 million member accounts.
