Payment processor Vantiv files for IPO

Payment processor Vantiv files for IPO

Vantiv, a payment processor owned by Fifth Third Bancorp and Advent International, has filed with regulators for an initial public offering.

The firm, previously called Fifth Third Processing, says the number of shares to be offered and the price range for the offering have not yet been determined.

According to Reuters, the company plans to raise up to $100 million in the IPO of Class A common shares. In July, the Wall Street Journal reported the deal could value the company at as much as $4.5 billion, and hoped to raise between $750 million and $1 billion.

The IPO is being underwritten by 11 investment banks, led by JP Morgan, Morgan Stanley and Credit Suisse and Vantis will list on the New York Stock Exchange or Nasdaq.

Fifth Third Processing was created in 1971, operating as a unit of the bank until private equity firm Advent acquired a 51% stake in 2009 for $561 million.

The company, which changed its name this year, processes payments for more than 400,000 merchant and financial institution locations and 12,000 ATMs in eight countries.

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