First Data, which provides electronic commerce and payment processing to financial institutions, filed on Monday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $5 billion or more.
The New York, NY-based company was founded in 1971 and booked $11 billion in sales for the 12 months ended March 31, 2015. First Data has not selected a proposed ticker symbol or an exchange. Underwriters have not been disclosed. No pricing terms were disclosed.
