NetSpend stock offering delayed
Austin-based NetSpend Holdings Inc. has postponed its $200 million-plus initial stock providing due to regulatory issues relating to the main provider associated with the prepaid debit cards NetSpend markets.
NetSpend was indeed likely to amount the providing Thursday and begin shares that are selling people this early morning.
Analysts had stated the providing will be well-received as a result of NetSpends position when you look at the fast-growing marketplace for prepaid debit cards, by which it really is a provider that is leading.
Nevertheless the providing happens to be postponed until a few weeks, in accordance with IPOhome.com, which tracks industry for initial offerings, in addition to Wall Street Journal.
NetSpend would not get back demands remark.
In a securities filing Thursday, NetSpend said that MetaBank, a vital supplier, was in fact bought by federal regulators Wednesday to halt an online payday loan system and look for advance approval for almost any new or amended third-party agreements, including for prepaid cards. Any office of Thrift Supervision stated MetaBank had utilized deceptive methods when you look at the pay day loan system.
MetaBank, situated in Storm Lake, Iowa, provides 71 % associated with prepaid cards that NetSpend distributes nationwide through grocery, check-cashing shops along with other outlets. NetSpend has about 2.1 million cards that are active.
NetSpend said MetaBanks problems wont affect its operations or finances, however it said that future actions that are regulatory MetaBank could force it to locate another card provider.
The increased loss of, or modification to, our relationships with MetaBank or our other issuing banks could adversely impact our company, link between operations and position that is financial the filing stated.
NetSpend and its own investors have actually filed to market 18.5 million stocks into the stock providing, targeting a cost between ten dollars and $12 a share. During the midpoint of this range, the providing could be well worth $204 million.
NetSpend concentrates on those who lack old-fashioned bank records but require an alternative solution to money and cash sales to cover bills and work out acquisitions. An predicted 60 million Americans fall into that category.
In a current securities filing, NetSpend said income for the very very first 50 % of this current year had been $136.9 million, up 25 per cent through the exact exact exact same duration this past year. Year net income was ?$11 million, about the same as last.
Certainly one of NetSpends top competitors, Green Dot Corp., raised $164 million with its July initial providing, offering stocks at $36 each. Those stocks are up about 35 percent from their first day’s trading.
NetSpend has stated in securities filings it promises to make use of a percentage regarding the arises from its IPO to settle financial obligation and can utilize the sleep for basic corporate purposes.
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