Green Dot Climbs 25% After IPO Raises $164 Million for Owners

Green Dot Climbs 25% After IPO Raises $164 Million for Owners - BusinessWeek
Green Dot Corp., the largest U.S. provider of reloadable prepaid debit cards, jumped as much as 25 percent after convincing buyers to pay more than the forecast price range for its $164 million initial public offering.

Shares of Green Dot climbed as high as $44.84 as of 9:50 a.m. in New York after management and stakeholders sold 4.56 million shares at $36 each yesterday, according to Bloomberg data. The Monrovia, California-based company initially offered 3.85 million shares for $32 to $35 before increasing the size of the offering, its filings showed. Based on the original terms, the deal would have generated instant profits of 801 percent for its owners, which paid an average $3.72 per share. Green Dot’s shareholders include Wal-Mart Stores Inc. and Sequoia Capital