JPMorgan invests USD 1.36 billion in Visa IPO

US financial services firm JPMorgan has invested in USD 1.36 billion in Visa’s latest IPO. According to Securities and Exchange Commission filings, other banks investing in the IPO include Bank of America, with USD 675.3 million, Citigroup with USD 324 million, US Bancorp with USD 298.7 million and Wells Fargo with USD 295 million. National City, which was listed in the prospectus as obtaining USD 470.5 million, said it would get a USD 530 million gain from redeeming 39 percent of its stake.
Banks still hold a significant stake in Visa. Based on Thursday’s closing price of USD 64.35 per share, their ownership was worth USD 4 billion for JPMorgan, USD 2 billion for Bank of America, USD 1.4 billion for National City, USD 952 million for Citigroup, USD 878 million for US Bancorp and USD 868 million for Wells Fargo. Before the USD 19.1 billion IPO organised on 19 March, Visa was an association owned by its 16,600 member banks. Recently, JPMorgan acquired investment bank and security trading and brokerage firm Bear Stearns for USD 342.6 million.