Austin-based NetSpend Holdings Inc. has postponed its $200 million-plus initial stock providing due to regulatory issues relating to the main provider of this prepaid debit cards NetSpend areas.
NetSpend was indeed likely to rate the providing Thursday and begin shares that are selling the general public this early morning.
Analysts had stated the providing 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 provider that is leading.
However the providing happens to be postponed until in a few days, in accordance with IPOhome.com, which tracks the marketplace for initial offerings, as well as the Wall Street Journal.
NetSpend didn’t get back requires remark.
A key supplier, had been ordered by federal regulators Wednesday to halt a payday loan program and seek advance approval for any new or amended third-party agreements, including for prepaid cards in a securities filing Thursday, NetSpend said that MetaBank. Any office of Thrift Supervision stated MetaBank had utilized misleading methods into the loan program that is payday.
MetaBank, located 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 active cards nationwide.
NetSpend said MetaBanks problems wont affect its operations or funds, however it stated that future regulatory actions against MetaBank could force it to find another card provider.
The increasing loss of, or modification to, our relationships with MetaBank or our other issuing banking institutions could adversely influence our company, link between operations and budget, the filing stated.
NetSpend and its own investors have actually filed to market 18.5 million stocks when you look at the stock offering, targeting an amount between ten dollars and $12 a share. The offering would be worth $204 million at the midpoint of that range.
NetSpend concentrates on individuals who would not have old-fashioned bank records but require an alternative solution to cash and cash instructions to cover bills and then make acquisitions. An believed 60 million Americans get into that category.
In a current securities filing, NetSpend stated income for the very first 1 / 2 of this present year ended up being $136.9 million, up 25 per cent through the same duration year that is last. Net gain had been ?$11 million, comparable as this past year.
One of NetSpends top competitors, Green Dot Corp., raised $164 million with its July initial offering, attempting to sell stocks at $36 each. Those stocks are up about 35 per cent from their first day’s trading.
NetSpend has stated in securities filings so it promises to use a part regarding the arises from its IPO to settle financial obligation and can utilize the sleep for basic purposes that are corporate.
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