(Reuters) — Credit card processor First Data Corp said it plans to raise up to $3.2 billion from its initial public offering and will use the proceeds to cut down debt.
The company was taken private in 2007 by KKR & Co LP for about $29 billion in one of the biggest leveraged buyouts before the financial crisis.
Atlanta-based First Data expects its IPO to price between $18 and $20 per class A share, valuing the company at about $17.58 billion at the upper end of the range.
The company plans to use proceeds from the IPO to reduce its $21.03 billion debt pile.
Citigroup, Morgan Stanley, BofA Merrill Lynch and KKR are the offering’s joint bookrunning managers.