Green Dot IPO Expected This Week

Green Dot IPO Expected This Week Los Angeles Business Journal
In the second local IPO in as many weeks, shares of prepaid debit card provider Green Dot Corp. are expected to hit the markets this week.

The Monrovia company on July 9 said it would offer 3.85 million Class A common shares at an expected range of $32 to $35 per share, with all shares to be sold by officer and other insiders. The initial public offering could raise at least $123 million.

Green Dot’s prepaid debit cards are sold and can be reloaded at retail chains such as Wal-Mart, which is an institutional shareholder but is not expected to sell any of its stake. The company has been approved to list its shares on the New York Stock Exchange under the symbol GDOT.