MasterCard Launches Initial Public Offering

Shares of MasterCard Inc. began trading on the New York Stock Exchange today as the credit card provider enacted an initial public offering of more than 61 million shares of common stock.

MasterCard priced its stock at $39 per share, but it opened at $40.30 and was trading at $43.49 by midday. MasterCard will retain $650 million in proceeds of the sale, and the rest will redeem shares held by current shareholders, according to the company.

Robert Selander, MasterCard's president and CEO, said in a prepared statement that the IPO "marks a major milestone for MasterCard and reinforces our commitment to continued growth and building value for our customers and stockholders." The company is in a quiet period as mandated by the Securities and Exchange Commission, so it is not yet able to comment on how its move to a public company might affect its corporate card programs.