Credit card company Visa Inc. said Monday it plans an initial public offering that could reach US$18.8 billion. That would make it the largest IPO in U.S. history.

The San Francisco-based company said in a filing with the U.S. Securities and Exchange Commission that it will offer 406 million shares at a price ranging between US$37 and US$42 per share. The company said another 40.6 million shares will be available to underwriters’ seeking to buy more stock.

Visa said back in October 2006 that it planned to restructure its business with an eye toward launching an IPO.

The Visa offering would top the 2000 IPO of AT&T Wireless of US$10.6 billion.

Visa’s rival, Mastercard Inc., went public in May 2006. Mastercard’s IPO raised $US2.39 billion.