Austin-based NetSpend Holdings Inc. has postponed its $200 million-plus stock that is initial as a result of regulatory dilemmas concerning the main provider for the prepaid debit cards NetSpend areas.

NetSpend have been likely to amount the providing Thursday and begin attempting to sell stocks to people this early early morning.

Analysts had stated the providing could be well-received as a result of NetSpends position into the fast-growing marketplace for prepaid debit cards, for which it’s a leading provider.

However the providing happens to be postponed until in a few days, based on IPOhome.com, which tracks the marketplace for initial offerings, plus the Wall Street Journal.

NetSpend would not get back requires remark.

In a securities filing Thursday, NetSpend stated that MetaBank, an integral supplier, was in fact ordered by federal regulators Wednesday to prevent a quick payday loan system and look for advance approval for any brand new or amended third-party agreements, including for prepaid cards. Any office of Thrift Supervision stated MetaBank had used misleading methods into the pay day loan system.

MetaBank, situated in Storm Lake, Iowa, provides 71 per cent associated with the cards that are prepaid NetSpend distributes nationwide through grocery, check-cashing shops as well as other outlets. NetSpend has about 2.1 million cards that are active.

NetSpend said MetaBanks problems wont affect its operations or funds, however it stated that future actions that are regulatory MetaBank could force it to get another card provider.

The increased loss of, or switch to, our relationships with MetaBank or our other issuing banking institutions could adversely impact our business, 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 when you look at the stock providing, targeting a cost between ten dollars and $12 a share. During the midpoint of the range, the providing could be well worth $204 million.

NetSpend concentrates on individuals who would not have old-fashioned bank records but require an alternative solution to money and cash sales to pay for bills and work out acquisitions. An projected 60 million Americans get into that category.

In a current securities filing, NetSpend stated income for the very first 50 % of in 2010 had been $136.9 million, up 25 per cent through the exact same period just last year. Year net income was ?$11 million, about the same as last.

Certainly one of NetSpends top competitors, Green Dot Corp., raised $164 million in its July offering that is initial offering stocks at $36 each. Those stocks are up about 35 per cent from their day that is first of.

NetSpend has stated in securities filings so it intends to make use of a percentage for the arises from its IPO to settle financial obligation and can utilize the sleep for basic business purposes.

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