First Data IPO prices at $16

First Data said Wednesday that it priced 160 million shares at $16 each, below its expected $18 to $20 IPO price range. First Data is expected to begin trading later Thursday on the New York Stock Exchange under the ticker “FDC.” Underwriters on the deal have the option to buy another 24 million of shares at the IPO price. Citigroup, Morgan Stanley, BofA Merrill Lynch and KKR are joint book runners on the deal. First Data is portfolio company of KKR.

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