Cards Processor Vantiv To Raise Funds In IPO

Payments processor Vantiv known until July as Fifth Third Processing Solutions, on Nov. 10 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, which changed its name in July (see story),  is a joint venture between Cincinnati’s Fifth Third Bancorp and Boston private equity fund Advent International, which owns 51% of the venture.

The Cincinnati-based company supports more than 400,000 merchant and financial-institution locations and 12,000 ATMs in 46 states and eight countries.

Vantiv processes more than 11.4 billion ATM and point-of-sale transactions and about $400 billion in debit and credit sales per year, according to company information.

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