WALL STREET - In some good news for credit unions, Visa raised $17.9 million with its initial public offering of 406 million Class A shares at $44 each in the biggest U.S. IPO ever.
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The shares have begun trading on the New York Stock Exchange under the symbol “V.”
The $44-a-share price, higher than the forecasted range of $37 to $42, means a larger windfall for credit union Visa issuers who are receiving Class B shares in the IPO. Visa plans to redeem $10 billion worth of the Class B shares at a ratio of 0.72 Class A shares each, giving credit unions’ Class B shares an indicated value of $31.68 each.
