Shares of Visa Inc. began trading Wednesday after the company raised US$17.86 billion in the biggest initial public offering in U.S. history.

Despite the volatility that has gripped stock markets in recent months, the company said it sold 406 million shares at US$44 apiece Tuesday day evening, topping the US$37 to US$42 price range that it set just three weeks ago.

At the open of trade Wednesday, shares soared nearly 48%, or US$21, to US$65.

The previous IPO record in the U.S. was AT&T Wireless’ US$10.6 billion launch eight years ago.

The Visa IPO puts an overall value of roughly US$36 billion on the company.