Payments processor First Data Corp priced its initial public offering, this year’s biggest, at $16 per share, below its previously indicated range of $18 to $20 per share, according to a person familiar with the matter.

First Data raised $2.56 billion by selling 160 million shares, valuing the company’s equity at $14 billion. Including debt, the company is valued at $35 billion.

The source asked not to be identified because the matter is not yet public. First Data declined to comment.

(Reporting by Lauren Hirsch in New York; Editing by Diane Craft)

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