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Vantiv Inc.'s initial public offering of 29.4 million Class A shares priced at $17 each, striking the midpoint of its $16 to $18 expected range.

The parent of Cincinnati payment processor Vantiv LLC in November filed plans to raise up to $100 million in its IPO, although that figure is typically used as a placeholder to determine registration fees.

The stock is expected to trade on the New York Stock Exchange under the symbol VNTV. Vantiv LLC's technology helps merchants, banks and credit unions accept credit and debit card payments, as well as gift cards and online payments.

Jointly owned by buyout firm Advent International Corp. and Fifth Third Bancorp (FITB), Vantiv LLC changed its name from Fifth Third Processing Solutions ahead of IPO rumors. The joint venture was established in 2009.

Fifth Third Bancorp on Thursday said it expects to recognize an after-tax gain of roughly $60 million during the first quarter as a result of the IPO, or $71 million if underwriters on the offering choose to purchase additional shares.

Reporting results earlier this month of its latest stress test by the Federal Reserve, Fifth Third said it was approved to use gains from the sale of Vantiv Inc. shares to buy back its own shares. Those tests, which were designed to determine how some of the biggest U.S. banks would fare in a severe downturn, were required to secure approval for capital plans like share buybacks.

For 2011, Vantiv Inc. reported that earnings rose 65% to $36.2 million from a year earlier, as revenue grew nearly 40% to $1.62 billion.

-By Mia Lamar, Dow Jones Newswires; 212-416-3207; mia.lamar@dowjones.com

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