First Data shares idle in year's biggest IPO

NEW YORK - Shares of payment technology company First Data (FDC) rose slightly in early trading after the company's $2.56 billion initial public offering, by far the largest in the U.S. this year, priced below expectations.

The offering of 160 million shares priced at $16 each. The New York-based company had expected its offering to price at $18 to $20 per share.

As of 12:05 p.m. Eastern time, First Data shares had gained 5 cents to $16.05.

First Data provides credit card and payment card processing for banks and retailers and sells network and security products. It's listed on the NYSE under the symbol "FDC."

According to Renaissance Capital, the offering is bigger than the two next-largest U.S. IPOs put together: Tallgrass Energy (TEGP) raised $1.2 billion in May and Columbia Pipeline Partners (CPPL) raised almost $1.1 billion in February.