NetSpend Holdings Inc. released Monday estimated terms for its initial public offering.

NetSpend said its IPO's projected size will be at least 18.5 million shares — just 2.3 million from the company — at an estimated price of $10 to $12 each, according to its filing with the Securities and Exchange Commission. NetSpend filed plans in July to sell up to $200 million of stock.

Selling shareholders include private equity firms Oak Investment Partners and JLL Partners as well as company directors and executives.

There will be some 81 million shares outstanding after the IPO, with Oak Investment to be the biggest holder, with a 39% stake. JLL would own 27% of the equity.

Earnings were flat in the first half of 2010 for NetSpend, compared with a year earlier, at $11.1 million, while revenue jumped 25%, to $109.6 million.

NetSpend has applied to list its stock on the Nasdaq Stock Market, as NTSP.