First Data Corp. selected Citigroup Inc., Morgan Stanley and Bank of America Corp. to manage its initial public offering planned for this year.

Private-equity firm KKR & Co., the payment company's largest shareholder, will help underwrite the deal, First Data said Tuesday in a regulatory filing. Barclays Plc and Credit Suisse Group AG are also among the 15 underwriters managing the offering.

First Data runs a debit-card network, processes bank-card transactions and provides data analytics and other services to merchants. The plan to go public comes eight years after KKR took the company private for $29.8 billion, including debt and fees, in what's become the firm's biggest bet ever. The aim is to extract profit from the payment processor, which struggled during the recession.

Last month, First Data filed its initial prospectus with a $100 million placeholder, an amount used to calculate fees that will change. The company plans to use proceeds from the IPO to repay debt.

First Data Chief Executive Officer Frank Bisignano's previous employer, JPMorgan Chase & Co., is absent from the list of banks on the deal. KKR recruited him from JPMorgan in 2013 to run the payment processor.

Subscribe Now

Authoritative analysis and perspective for every segment of the payments industry

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry