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First Data sets terms for $3.0 billion IPO; largest US IPO of 2015

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First Data, which provides electronic commerce and payment processing to financial institutions, announced terms for its IPO on Thursday.

The New York, NY-based company plans to raise $3.0 billion by offering 160 million shares at a price range of $18 to $20. At the midpoint of the proposed range, First Data would command a fully diluted market value of $17.6 billion and an enterprise value of $36 billion.

KKR ( KKR ) bought First Data in 2007 for $25.6 billion in one of the largest leveraged buyouts ever.

Chairman and CEO Frank Bisignano left JPMorgan Chase ( JP ) in 2013 after serving as the company's Co-COO, and was able to recruit a number executives from JPMorgan to work at First Data, including the company's former Chief Information Officer.

First Data, which was founded in 1989 and booked $11.2 billion in sales for the 12 months ended June 30, 2015, plans to list on the NYSE under the symbol FDC. Citi, Morgan Stanley, BofA Merrill Lynch, KKR, Barclays, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC Corporation, Mizuho Securities, PNC Capital Markets, Suntrust Robinson Humphrey and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of October 12, 2015.

The article First Data sets terms for $3.0 billion IPO; largest US IPO of 2015 originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital, the Renaissance IPO ETF (symbol: IPO) or the Global IPO Fund (symbol: IPOSX) , may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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