First Data Corp. plans to start hearing banker pitches this week for an initial public offering that could be the year's biggest, according to people familiar with the matter.

Most of the largest banks will be invited to interview for the deal, said the people, who asked not to be named because the process is private. The payments processor, taken private by KKR & Co. eight years ago for $29.8 billion, filed on July 20 for an IPO without naming underwriters.

The pitches — commonly known as a bakeoff — take place before most IPOs. During the interview, banks will discuss how their firms would market the deal and estimate the potential offering size and valuation for the new stock. Banks should be notified of whether or not they were mandated on the deal over the next few weeks, the people said.

Kristi Huller, a spokeswoman for KKR, and Mark Murphy, a spokesman for First Data, declined to comment on the IPO.

KKR is seeking to extract a profit from First Data, which was financed with more than $20 billion in debt during its 2007 leveraged buyout. The company runs a debit-card network, processes bank-card transactions for banks and merchants, helps small businesses detect fraud and provides data analytics and other services to merchants.

KKR has about $4.5 billion in exposure to First Data, Scott Nuttall, the firm's head of global capital and asset management said on an earnings call last week. That includes $3.2 billion in the private equity firm's funds and $1.3 billion of its own money, said Nuttall, who serves on First Data's board of directors.

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