IPO VIEW-Bank owners counting on big payday from Visa IPO

By Lilla Zuill

NEW YORK, March 14 (Reuters) - Turmoil has chilled the U.S. market for initial public offerings but it is unlikely to stop Visa Inc's attempt to burn its name into the IPO record books when it comes to market next week.

U.S. stock markets nosedived on Friday with the S&P 500 index .SPX losing more than 2 percent, dragged down by a sudden cash crunch at Bear Stearns Cos BSC.N that forced the Federal Reserve to intercede.

Against that backdrop, Visa is steaming ahead to list its shares on the New York Stock Exchange under the symbol "V" (V.N: Quote, Profile, Research, Stock Buzz). The listing is expected on Wednesday.

Visa's banking owners -- who stand to reap in the region of $10.2 billion in the offering -- may be pushing for the IPO's launch, analysts said.

"It is all the more critical that this happens now," said Francis Gaskins, president of research firm IPOdesktop.com.

Under Visa's plans, 406 million class A common shares will be sold to the public for between $37 and $42 apiece, raising between $15 billion and $17 billion, or more if demand is there.

It is seen as largest-ever U.S. IPO, and second worldwide to Industrial & Commercial Bank of China Ltd (601398.SS: Quote, Profile, Research, Stock Buzz) which raised $22 billion in 2006, according to Reuters Data.

Hopes are high for Visa's IPO with it following a more than fourfold jump in shares for smaller rival Mastercard Inc's (MA.N: Quote, Profile, Research, Stock Buzz) 2006 IPO, which raised $2.4 billion.