Reginal Thomas
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First Data to raise up to $3.2 billion in IPO

First Data Corp, a credit card processor, announced it plans to raise up to $3.2 billion in what could be the biggest IPO in the United States this year.

The firm said it expected the IPO to be priced between $18 and $20 per class A share, giving the company a market value of about $17.58 billion.

First Data spun off Western Union in 2006, now plans to use the revenue from the IPO to reduce its $21.03 billion debt.

Citigroup, Morgan Stanley, BofA Merrill Lynch and KKR are the underwriters for the IPO.