clock menu more-arrow no yes

Payment Processor First Data Files for IPO

The company said it would continue to be controlled by buyout giant KKR after the IPO.

First Data

U.S. payment processor First Data filed with U.S. regulators on Monday for an initial public offering of common stock.

The company said it would continue to be controlled by buyout giant KKR after the IPO. First Data did not specify the underwriters of the offering.

KKR took First Data private for about $29 billion in 2007.

As one of the mega-leveraged buyouts that came to epitomize the credit binge preceding the 2008 financial crisis, First Data has proven to be a challenging investment for KKR.

The payment processor, which reported a net loss of $112 million for the first quarter, set a nominal fundraising target of $100 million in its filing with the U.S. Securities and Exchange Commission.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different. (Reporting by Krishna Chaithanya in Bengaluru; Editing by Simon Jennings)

This article originally appeared on Recode.net.

Sign up for the newsletter Sign up for The Weeds

Get our essential policy newsletter delivered Fridays