Visa said today it expects to price its initial public offering of 406 million shares in the range of $37 to $42 a share as part of a plan to raise more than $18 billion.
The San Francisco-based credit care company listed JPMorgan and Goldman Sachs as lead managers of the offering and granted the underwriters the option to buy an additional 40.6 million shares to cover any over-allotment.
The company said it would use proceeds of the offering to cover litigation expenses, redeem 123.2 million shares of its class B common stock, and for general corporate purposes.