Wednesday, March 19, 2008

Visa ready to charge ahead

http://money.cnn.com/2008/03/19/news/companies/visa_ipo_opens.fortune/index.htm

*Hopes are running high that Visa's record-breaking IPO will revive the sleepy market for new shares.
*Visa's public offering made its new owners very, very rich when it priced Tuesday night for a record-breaking $17.9 billion
*It sold 406 million shares at $44 a share, $2 above its estimated $39-$42 rang.
*Analysts also say that Visa is on solid financial footing and has what it takes to deliver steady earnings growth
*Visa also said it would rake in approximately $17.3 billion in net proceeds, leaving about $600 million to cover things like underwriting fees, discounts and commissions
*analysts believe its success could breathe life into a stagnant IPO market.
*Visa is getting in a period when so few IPOs have been done that underwriters are not making money in fees. The success of this deal could slowly rekindle the IPO market.

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