Visa IPO a gravy train for top banks

Visa is charging (apologies for the pun) ahead with its plans for what likely would be the largest IPO in U.S. history. It plans to raise more than $17 billion in March, and assuming things go well, the member banks that own the firm should cash out nicely. The New York Times notes that if the shares are priced at the midpoint--nearly $40 a share--JPMorgan Chase would make $1.1 billion for its stake, while Bank of America would make $545 million, National City $380 million, and Citigroup and Wells Fargo, $240 million each. Mastercard has fared well as a public company, so the time seems ripe for Visa to follow suit.   

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