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Visa Inc. unveiled its long awaited IPO Tuesday and when trading opened today (Wednesday), shares quickly rose to more than $65 before settling back to the $60 range by midday.
The public offering went off at $44, raising nealry $18 billion for Visa -- the largest IPO is US history. The stock now trades on the NYSE under the symbol "V".
While the immediate direct impact on the merchant acquiring industry is small, the influx of cash will help some issuing banks who are troubled by the current mortgage and debt crisis and may have a longer term effect on Visa's exposure to litigation over interchage and antitrust issues.
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