Payment processor Vantiv Inc., which is owned by Fifth Third Bancorp and buyout firm Advent International, expects to raise about $461 million from its initial public offering, potentially valuing the payment processor at about $3.6 billion, in what is still an uncertain IPO market, Reuters reported. The IPO is being underwritten by 11 investment banks, led by J.P.Morgan, Morgan Stanley, Credit Suisse, Goldman Sachs & Co and Deutsche Bank Securities.
(Reuters) – Payment processor Vantiv Inc said on Thursday it expects to raise about $461 million from its initial public offering, potentially valuing the payment processor at about $3.6 billion, in what is still an uncertain IPO market.
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In a filing with the U.S. Securities and Exchange Commission, Ohio-based Vantiv said it expects to sell about 29.4 million Class A common shares, for between $16 and $18 apiece.
The company also has about 86 million Class B shares outstanding.
In November, Vantiv, owned by Fifth Third Bancorp and buyout firm Advent International, filed to raise up to $100 million in an IPO of Class A common shares.
The IPO is being underwritten by 11 investment banks, led by J.P.Morgan, Morgan Stanley, Credit Suisse, Goldman Sachs & Co and Deutsche Bank Securities.
Formerly known as Fifth Third Processing Solutions, Vantiv competes with Global Payments Inc, Total System Services , First Data, Bank of America Merchant Services and Chase Paymentech Solutions.
Vantiv operated as a unit of Fifth Third until June 2009, when certain funds managed by Advent International bought a majority stake in the 40-year-old company in a deal that valued it at $2.35 billion at that time.
Vantiv, which plans to list on the New York Stock Exchange under the symbol ‘VNTV’, said its merchant client base includes 9 of the top 25 national retailers and over 200,000 small and mid-sized merchants.