UPDATE 3-Vantiv IPO seen valuing co at about $3.6 bln
* To raise about $461 mln via IPO
* Co to offer about 29.4 mln Class A shares at $16-$18 each
* To list on NYSE under symbol 'VNTV'
March 8 (Reuters) - Payment processor Vantiv Inc said on Thursday it expects to raise about $461 million from its initial public offering, potentially valuing the payment processor at about $3.6 billion, in what is still an uncertain IPO market.
Despite hopes of a blowout listing from social networking giant Facebook, other companies have faced investors who have held onto their purse strings.
On Wednesday, Nationstar Mortgage priced its IPO well below its expected range. Earlier in the week, drug development company Argos Therapeutics pulled its offering citing market conditions.
In a filing with the U.S. Securities and Exchange Commission, Ohio-based Vantiv said it expects to sell about 29.4 million Class A common shares, for between $16 and $18 apiece.
The company also has about 86 million Class B shares outstanding, which is included in the calculation of the company's market valuation.
In November, Vantiv, owned by Fifth Third Bancorp and buyout firm Advent International, filed to raise up to $100 million in an IPO of Class A common shares.
"I think it's attractively valued in the range, given that it shows good revenue growth," Josef Schuster, founder of Chicago-based IPO investment firm IPOX Schuster, said.
"I think there will be strong demand for this kind of deal."
Revenue at the company grew nearly 40 percent to $1.62 billion for 2011 from the previous year.
The IPO is being underwritten by 11 investment banks, led by J.P.Morgan, Morgan Stanley, Credit Suisse, Goldman Sachs & Co and Deutsche Bank Securities.
Formerly known as Fifth Third Processing Solutions, Vantiv competes with Global Payments Inc, Total System Services , First Data, Bank of America Merchant Services and Chase Paymentech Solutions.
Vantiv operated as a unit of Fifth Third until June 2009, when certain funds managed by Advent International bought a majority stake in the 40-year-old company in a deal that valued it at $2.35 billion at that time.
Vantiv, which plans to list on the New York Stock Exchange under the symbol 'VNTV', said its merchant client base includes 9 of the top 25 national retailers and over 200,000 small and mid-sized merchants.
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