NetSpend stock offering delayed

Austin-based NetSpend Holdings Inc. has postponed its $200 million-plus stock that is initial due to regulatory dilemmas concerning the main provider associated with the prepaid debit cards NetSpend markets.

NetSpend was anticipated to amount the offering Thursday and begin attempting to sell stocks to the general public this early early early morning.

Analysts had stated the offering will be well-received as a result of NetSpends position within the fast-growing marketplace for prepaid debit cards, by which it really is a leading provider.

Nevertheless the offering was postponed until a few weeks, based on IPOhome.com, which tracks the marketplace for initial offerings, plus the Wall Street Journal.

NetSpend would not return demands remark.

In a securities filing Thursday, NetSpend stated that MetaBank, a vital supplier, was indeed bought by federal regulators Wednesday to prevent an online payday loan system and look for advance approval for just about any new or amended third-party agreements, including for prepaid cards. Any office of Thrift Supervision stated MetaBank had used misleading techniques into the cash advance system.

MetaBank, located in Storm Lake, Iowa, provides 71 % for the cards that are prepaid NetSpend distributes nationwide through grocery, check-cashing shops along with other outlets. NetSpend has about 2.1 million active cards nationwide.

NetSpend said MetaBanks problems wont affect its operations or funds, however it said that future regulatory actions against 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 company, link between operations and budget, the filing stated.

NetSpend and its particular investors have actually filed to market 18.5 million stocks within the stock providing, targeting a cost between ten dollars and $12 a share. In the midpoint of the range, the providing could be well worth $204 million.

NetSpend concentrates on individuals who lack bank that is traditional but require an alternative solution to money and cash purchases to cover bills and then make acquisitions. An predicted 60 million Americans get into that category.

In a recently available securities filing, NetSpend stated income for the first 1 / 2 of this present year ended up being $136.9 million, up 25 per cent through the same period this past year. Net gain ended up being ?$11 million, a comparable as a year ago.

One of NetSpends top competitors, Green Dot Corp., raised $164 million with its July initial providing, attempting to sell shares at $36 each. Those shares are up about 35 per cent from their day that is first of.

NetSpend has said in securities filings so it promises to make use of a part of this arises from its IPO to settle financial obligation and can make use of the remainder for basic purposes that are corporate.

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