Update: The Visa IPO begins trading under the ticker symbol V tomorrow and is expected to price between 37 – 42 tonight.

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The Visa IPO took another step towards success today after the SEC gave its restructuring plan the go ahead. Now the company will seek approval from member financial institutions which would pave the way for an IPO early next year. The restructuring involves Visa International, Visa USA and Visa Canada becoming subsidiaries of a single company. Visa Europe will remain a membership association and will become a licensee of, and own a minority interest in, Visa Inc.

If the success of the Mastercard (MA) IPO is any indication, the IPO of Visa which is the world’s largest credit card company (they have 60% share of the market) will be tremendously successful as well. Going public will allow the company to streamline operations, invest in new payment technologies and help insulate member banks from legal damages brought about by antitrust litigation from merchants.

The biggest beneficiaries when Visa goes public will be the dozens of banks that make up its membership, including major U.S. financial institutions like Bank of America (BAC) Wells Fargo (WFC) and JPMorgan (JPM). They stand to reap hundreds of millions of dollars in capital gains if they sell part of their stakes. After MasterCard (MA) completed its initial public offering, Citigroup (C) and JPMorgan (JPM) cashed out of their holdings and walked way with one-time gains worth more than $100 million.

This will no doubt be one of the biggest IPO’s in history so it will be interesting to watch it move when it does go public.

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