Visa is hoping to surpass rival MasterCard’s 2006 stock market debut with a $17 billion IPO that would be the largest in Wall Street history. The company today said it hopes to sell some 406 million shares for $37 to $42 each, reports the Wall Street Journal. The biggest previous IPO was AT&T Wireless Group’s $10.62 billion offering in 2000.
Visa is nearly twice the size of MasterCard, which has seen its share price grow 500% since its $2.4 billion IPO. Visa said it would sell another 40 million shares if demand warrants, taking its offering to $18.8 billion. IPOs have gotten a chilly reception lately with investors wary of new offerings. Visa will trade as “V” on the NYSE.