Visa Inc. IPO Raises US$19.7 Billion

Visa Inc. raised US$19.7 billion in gross proceeds in its initial public offering. Visa's shares began trading on March 19, 2008, on the New York Stock Exchange under the ticker symbol “V.” On its first day of trading, the stock rose more than 28 per cent to close at US$56.50.

Bennett Jones LLP acted as Canadian counsel to Visa Inc., with a team comprised of Alan Bell, John Kousinioris, Andrew Kingsmill, Brent Kraus (corporate securities), Alan Rautenberg (tax) and John Piasta (corporate securities).

Serving as Visa's lead outside counsel were White & Case LLP partners Mark L. Mandel, S. Ward Atterbury and Colin J. Diamond in New York.

Stikeman Elliott LLP acted as Canadian counsel to the underwriters with a team comprised of Simon Romano, Donald Belovich, David Pickwoad, Daryl Davis, Carl Calandra (corporate/securities), Gary Nachshen, Andrea Boctor (pensions & benefits), and John Lorito and Rosemarie Lipman (tax). Davis Polk & Wardwell acted as lead counsel to the underwriters with a team comprised of Joseph A. Hall, Jane MacRae and John Rudy.

J.P. Morgan Securities Inc., Goldman, Sachs & Co., Banc of America Securities LLC, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC and Wachovia Capital Markets, LLC acted as joint book-running managers in the United States and as representatives of the several underwriters.
Visa's shares were offered for sale in Canada by J.P. Morgan Securities Canada Inc., Goldman, Sachs Canada Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., Citigroup Global Markets Canada Inc., Dundee Securities Corporation, HSBC Securities (Canada) Inc., Macquarie Capital Markets Canada Ltd., Merrill Lynch Canada Inc. and UBS Securities Canada Inc.