CINCINNATI – Vantiv, a card processor for 800 credit unions known until last July as Fifth Third Processing Solutions, hopes to raise as much as $520 million today with an initial public offering on the New York Stock Exchange under the symbol VNTV.
The shares are expected to hit the market at between $16 and $18.
Vantiv, which is 51% owned by Boston venture firm Advent International and 49% owned by Fifth Third Bancorp, will use the proceeds from the offering to repay debt, which cost $68 million in interest last year.
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. TNB Card Services had served 370 credit unions with more than 1.4 million member accounts.
