MasterCard Inc, the world second-largest credit card issuer, said it can raise up to $2.45 billion issuing 61.5 million shares in an initial public offering on NYSE. The company is to offer outside investors 49% of its shares, covering 83% of voting rights. It is expected to trade on the market under the symbol "MA".
Purchase, NY-based MasterCard is currently owned by some 1,400 banks that issue company-branded credit and debit cards, now 716 million worldwide, which makes the issuer second only to Visa.
MasterCard earned $213.5 million on revenue of $1.4 billion in the first half of 2005. The company's strongest NYSE-traded rival, American Express, trades at $57.34 a share now.
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MasterCard to debut on NYSE