Monday, March 26, 2012
Vantiv now publicly traded
Payment Processor Vantiv LLC launched its initial public offering (IPO) March 22, 2012. The company, formerly known as Fifth Third Processing Solutions LLC, offered 29,412,000 shares of its Class A common stock at a public price of $17 per share. It is expected to realize approximately $460 million from the offering.
Underwriters were allowed a 30-day option to buy up to 4,411,800 shares to cover over-allotments. Vantiv stock is now trading on the New York Stock Exchange under the ticker symbol VNTV.
Fifth Third Bancorp owns approximately 40 percent of Vantiv and is expected to realize a pretax gain of approximately $95 million from the IPO. If the underwriters exercise their option, Fifth Third will receive another pretax gain of about $17 million
Vantiv said it plans to use money from the IPO to refinance its bank debt. Vantiv reported 2011 earnings of $1.62 billion. By the end of the first day's trading the stock was valued at $19.33 – a 13.7 percent gain on the initial $17 price.
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