Visa raises $17.9 billion in record US IPO

(Adds details on use of proceeds, selling shareholders, background)

NEW YORK, March 18 (Reuters) - Visa Inc, the world's largest credit card network, burned its name into the record books for U.S. initial public offerings on Tuesday, raising $17.9 billion in an IPO that priced above expectations.

San Francisco-based Visa sold 406 million class A common shares for $44 per share, topping a forecast range of $37 to $42, according to an underwriter.

The company has been approved to list its shares on the New York Stock Exchange under the symbol "V" (V.N: Quote, Profile, Research). The stock is expected to begin trading on Wednesday.

The company plans to use about $10.2 billion in proceeds to redeem shares held by selling stakeholders, including JP Morgan Chase & Co (JPM.N: Quote, Profile, Research), National City Corp (NCC.N: Quote, Profile, Research), Bank of America Corp (BAC.N: Quote, Profile, Research) and Citigroup Inc (C.N: Quote, Profile, Research).

Another $3 billion will be set aside to cover litigation costs, and the balance for general corporate purposes, according to an amended registration statement with the U.S. Securities and Exchange Commission.

Underwriters, led by JPMorgan and Goldman Sachs (GS.N: Quote, Profile, Research), have the option to purchase an additional 40.6 million shares to cover overallotments, according to Visa's regulatory filing.

By raising $17.9 billion, Visa surpassed AT&T's $10.6 billion IPO in 2000 to become the largest U.S. IPO on record.