NetSpend stock offering delayed

Austin-based NetSpend Holdings Inc. has postponed its $200 million-plus stock that is initial as a consequence of regulatory dilemmas concerning the main provider for the prepaid debit cards NetSpend areas.

NetSpend ended up being certainly expected to speed the delivering Thursday and start stocks which are attempting to sell most people this morning that is early.

Analysts had stated the delivering could possibly be well-received due to NetSpends place to the fast-growing market for prepaid debit cards, which is why it is a provider this is certainly leading.

Nevertheless the delivering is postponed until in a couple of days, according to IPOhome , which tracks industry for initial offerings, and so the Wall Street Journal.

NetSpend neglected to get right straight back requires remark.

An integral supplier, was in fact purchased by federal regulators Wednesday to prevent an online payday loan system and seek advance approval for just about any brand new or amended third-party agreements, including for prepaid cards in a securities filing Thursday, NetSpend said that MetaBank. Work of Thrift Supervision claimed MetaBank had utilized methods that are misleading you appear during the cash loan system.

MetaBank, based in Storm Lake, Iowa, provides 71 percent related to cards which are prepaid NetSpend distributes nationwide through grocery, check-cashing shops as well as other outlets. NetSpend has about 2.1 million cards which are active.

NetSpend said MetaBanks problems wont affect its operations this short article or funds, nonetheless it claimed that future actions which are regulatory MetaBank could force it to have another card provider. (more…)

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