NetSpend stock offering delayed
Austin-based NetSpend Holdings Inc. has postponed its $200 million-plus initial stock providing as a result of regulatory issues relating to the main provider associated with the prepaid debit cards NetSpend areas.
NetSpend was in fact likely to amount the providing Thursday and begin attempting to sell stocks to the general public this early early early morning.
Analysts had said the offering will be well-received due to NetSpends position within 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 the market for initial offerings, as well as the Wall Street Journal.
NetSpend failed to get back demands remark.
In a securities filing Thursday, NetSpend stated that MetaBank, an integral supplier, have been bought by federal regulators Wednesday to prevent a quick payday loan system and look for advance approval for almost any new or amended third-party agreements, including for prepaid cards. Work of Thrift Supervision stated MetaBank had utilized deceptive methods within the pay day loan program.
MetaBank, situated in Storm Lake, Iowa, provides 71 per cent of this prepaid cards that NetSpend distributes nationwide through grocery, check-cashing shops along with other outlets. Continue reading “Advance loan and Payday Advances in Baltimore, MD.”