Earlier today, Visa Inc. went public with its plans to go public. And they’re record breaking: Visa, the world’s largest electronic payment processing company, said its initial public offering (IPO) could raise more than $17 billion in stock.
Last November, Visa filed an S-1 with the SEC that shows a few interesting financial numbers and a warning sign that the IPO may not come without having to clear multiple legal hurdles. The IPO was filed by New York White & Case partners Mark Mandel, S. Ward Atterbury, and Colin Diamond.
According to the filing, which listed the compensation of Visa’s five top executives, general counsel Joshua Floum made more than $3.2 million. Before joining Visa in 2004, Floum was a partner with Heller Ehrman White & McAuliffe from 1985 to 1996. And he’s not the only lawyer doing well: As a non-employee director for Visa, Mary Cranston, senior litigation partner in the San Francisco office of Pillsbury Winthrop Shaw Pittman, received an annual stock grant of $162,000. That number will change significantly if the IPO goes through.
Visa’s $17 billion IPO would dwarf the previous $10 billion record IPO of AT&T Wireless in 2000. The San Francisco-based company said it hopes to sell at least 406 million shares to public investors and expects shares to be priced at between $37 and $42 per share.