First Data Corp. on Wednesday priced its initial public offering at $16 a share, Dow Jones Newswires reported, citing sources. That would be below the $18 to $20 range that First Data had been seeking. The commerce-enabling technology company plans to offer 160 million shares and grant the underwriters the option to purchase up to an additional 24 million shares. First Data plans to use the funds to pay outstanding debt and for general corporate purposes.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News