NEW YORK – Shares of Visa Inc. were extremely strong on their first day of trading, increasing some 35 percent this morning following the company’s initial public offering (IPO), the biggest in U.S. history.

The stock of the San Francisco credit and debit card processor was selling for just below $60, up from the $44 per share offering price, the San Francisco Chronicle reports.

“We operate in a large global market undergoing a significant shift from cash and check to electronic payments. We believe Visa is well positioned to build upon our past success and take advantage of this migration to electronic payments,” said Joseph W. Saunders, Visa chairman and CEO, in a statement. “This confidence is a result of our unique assets including our globally recognized and trusted brand; superior centralized processing network; comprehensive products and services; and diverse and long-standing client relationships,” he added.

Investors also have been eyeing the performance of MasterCard, which quintupled in price since its IPO two years ago. Visa’s IPO shares were valued more expensively than those of MasterCard measured relative to earnings, but market watchers say the stock has plenty of room to grow.

On Tuesday following the stock market’s close, Visa set the stock price, which was above the $37 to $42 range projected in company filings with the Securities and Exchange Commission. The company sold 406 million shares in the offering, raising just under $18 billion.

If the offering underwriters exercise their option to take another 40.6 million shares at the offering price, Visa will raise some $19.7 billion, before subtracting fees and other costs. That far surpasses the $11 billion IPO in 2000 of AT&T Wireless, previously the biggest initial offering in the United States.