San Francisco's Visa Inc. took the final step in its blockbuster initial public offering late Tuesday - the largest in U.S. history - setting a price of $44 per share. That was above the range of $27 to $42 per share cited in IPO documents filed with the Securities and Exchange Commission, signaling that demand for the stock of the giant credit and debit card processor was keen. Shares begin trading today on the New York Stock Exchange under the symbol V.

What happened? Visa's underwriters got commitments from buyers to take 406 million shares at $44 per share, raising $17.9 billion, by far the largest IPO ever carried out in the United States.

The underwriters have an option to get an additional 40.6 million shares, which could raise the take to $19.6 billion. The high price shows that investors are optimistic about Visa's prospects and are hoping to duplicate the success of MasterCard, whose shares have quintupled in the two years since it went public.

Why did Visa go public? Visa, structured as a nonprofit membership association owned by banks, decided to become a for-profit corporation to raise capital and compete better against such rivals as MasterCard and American Express. It completed its reorganization last year.

Its bank owners will get about $10.2 billion in exchange for some of their shares. Proceeds will also be used to settle outstanding litigation.

Can ordinary investors buy IPO shares? It's too late to get in on the IPO. Those who want to own Visa stock will have to buy on the open market.

This article appeared on page C - 1 of the San Francisco Chronicle

Father describes horror of finding four-year-old daughter hanged by her hairband

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Tragic: Paige Brown accidentally hanged herself with a hairband

At an inquest at Ashford Coroner's Court, Phil Brown told how he discovered Paige hanging from a hammock in her bedroom on New Year's Day.

Coroner Rachel Redman recorded a verdict of accidental death after hearing evidence from Mr Brown, the pathologist who carried out a post-mortem on Paige, and the police officer who investigated the case.

Mr Brown told the court how Paige had been playing in her bedroom at the family home in Hawkinge, near Folkestone, Kent, and had come downstairs complaining that she could not untie a hairband from a hammock used to store stuffed toys in her room as she said it was in a tight knot.

He said: "Paige came downstairs quite upset that she had tied her headband around her hammock. She was quite frantic so we went upstairs to have a look."

Mr Brown said that neither he nor Paige's mother, Lorraine Ford, was able to untie it so they decided they would have lunch and then try again.

But he added that, as they prepared the meal downstairs, they realised that Paige was not with them.

He said he called her but she did not come so he went to look for her.

He said: "I went upstairs and she was hung. She had hanged herself with her hairband around her neck. Her feet were slightly off the floor, she was standing on her tiptoes."

Mr Brown continued: "I took her down and tried to get her back. At the same time I was calling Lou."

They dialled 999 and Paige was taken to the William Harvey Hospital in Ashford, where she was pronounced dead.

Mr Brown said he believed Paige had stood on a stool to reach the hairband and had slipped off it.

He added that she had only been alone for "five minutes or so" before they realised she was missing.

Consultant pathologist Dr Charles Lawson said the post-mortem he performed on Paige showed she had died of compression of the neck due to suspension.

He told the inquest that marks on the backs of Paige's hands and fingers suggested it was "possible" that she had struggled, but that, once her airways had been cut off, "unconsciousness would have followed quite quickly".

Detective Sergeant Chris Benson, who investigated Paige's death said subsequent examinations of the family's home showed that there was "no obvious hazard to any child or persons in there".

After recording a verdict of accidental death, Ms Redman described the events as an "unpredictable set of circumstances in what was a very ordinary little girl's bedroom".

She added: "This is nothing other than an entirely unpredicted, freakish accident. I cannot see that there was anything that you could have done to have prevented what happened to Paige."

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