First Data, which provides payment processing to merchants and financial institutions, raised $2.6 billion by offering 160 million shares (100% primary) at $16, well below the $18-$20 range. At its offer price, First Data will have a fully diluted market cap of $14.7 billion and an enterprise value of $33.6 billion. First Data, which was LBO'd by KKR in 2007 for $29 billion, will list on the NYSE under the symbol FDC. Citi, Morgan Stanley, BofA Merrill Lynch, KKR, Barclays, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, Mizuho Securities, PNC Capital Markets, Suntrust Robinson Humphrey and Wells Fargo Securities acted as lead managers on the deal.
