Visa IPO largest in US history: $17.9 Billion
Perfect timing by GS and JP Morgan to launch the Visa Inc. IPO on the day that the Fed cut rates by 75 basis points. Bizarre for the world’s largest credit card network to raise this amount of money in this doom and gloom equity market spooked by global recession, sub-prime nightmares and fears that the next nightmare to hit is a credit-card meltdown. I guess the two underwriters can’t do anything wrong in these markets: Goldman Sachs continues to shine and JP Morgan Chase wins again following it’s bargain-basement rescue of Bear Stearns. On a day like today I really miss my old trading days …
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