Payment processor First Data has set its stock price at $16 per share as it begins an Initial Public Offering. That’s lower than preliminary projections.

First Data initially reported plans to price its stock from $18 to $20 per share.

First Data’s Class A common stock is trading on the New York Stock Exchange under the symbol FDC. The offering is expected to close on Tuesday, Oct. 20.

The company stands to raise $2.5 billion from sales of its 160 million Class A common shares, making the First Data IPO this year’s largest so far.

First Data is a financial services company offering a range of commerce-enabling technologies and solutions for companies of all sizes, including startups and small businesses. For small businesses ranging from single brick-and-mortar shops to eCommerce sites, First Data offers various tools designed to simplify payment processing.

From its website, the company offers a variety of solutions. Business owners can choose from a menu of options depending on business sector to find an option to fit their needs.

Offerings include upgrading payment terminals and creating the capability of accepting mobile payments. Following two recent acquisitions, First Data now offers and manages gift card programs, too.

The company’s website says its client base includes around six million business locations and 4,000 financial institutions in 118 countries. Ranging from startups to global corporations, these businesses conduct more than 2,300 transactions per second, which translates into $1.9 trillion per year, the company says.

[“source-smallbiztrends”]