Prepaid financial-services company Green Dot Corp. announced plans to sell up to $150 million in stock through an initial public offering.
While filing for new offerings continue at a steady clip, the IPO market has got off to a rough start in 2010, which started with a slump in equities. Many companies have either delayed planned offerings or abandoned them altogether as stock demand petered.
Green Dot makes reloadable prepaid debit cards that are sold and can be reloaded in major chain stores like Wal-Mart Stores Inc. and Walgreen Co. In its year ended July 31, it had $234.8 million in revenue for a $37.2 million profit, better than any year before.
It plans to use proceeds from the IPO for general corporate purposes and proposed to list its stock on the New York Stock Exchange.