The following story was first published this week in San Francisco Business Times. The story was written by Stephen E. F. Brown:
Visa Inc. said in a regulatory filing that it might raise as much as $17 billion in its initial public offering of stock.
The San Francisco company will offer 406 million shares for between $37 and $42 a piece.
Such a large IPO would be the largest in U.S. history. AT&T Wireless raised $10.6 billion in its 2000 IPO.
Underwriters will have an option to buy 40.6 million more shares.
Visa Inc. had 5,436 workers at the end of 2007. Its largest customer, JP Morgan Chase and its affiliates, supplied $408 million, or 10 percent, of Visa sales in 2006 and $454 million, or 9 percent of sales, in 2007.
Visa U.S.A., one of Visa Inc.'s predecessor companies, is involved in a number of lawsuits relating to its business, and the Antitrust Division of the U.S. Department of Justice asked it in September last year for documents describing its agreements with banks that issue Visa debit cards.
Joseph Saunders, a former Providian and Washington Mutual executive, is chairman and CEO of Visa Inc., while Byron Pollitt is its chief financial officer. Pollitt was CFO at clothing seller Gap Inc. for four years before coming to Visa.
Saunders' base salary at Visa last year was $804,519 (he was hired in February), and his total compensation for 2007 was $11.14 million.
Pollitt's 2007 salary was $27,083 (he was hired in September) and his signing bonus was $250,000. His base salary is $650,000 per year.
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