Green Dot Corp. expects to sell 3.85 million shares in its initial public offering at a range of $32 to $35, the prepaid card company said Friday in a filing with the Securities and Exchange Commission.
The Monrovia, Calif. company will not retain any of the proceeds from the IPO, as it disclosed in an earlier filing that only current investors, including insiders, will be selling stock.
Existing shareholders could raise about $129 million in the offering. Green Dot's chairman, president and chief executive Steve Streit, who plans to sell 542,690 of his 4.97 million shares through a family trust, and venture capital investor TTP Fund LP, which plans to sell 675,000 of its 4.11 million shares, are among existing investors that plan to sell stock in the IPO.
Green Dot announced last month that it issued 2.21 million shares to Wal-Mart Stores Inc., its largest customer, as part of an extension of an existing business agreement with the Bentonville, Ark. retailer. Green Dot provides Wal-Mart's reloadable prepaid MoneyCard.