NetSpend Corp., an Austin, Texas-based provider of prepaid reloadable debit cards in the U.S., has filed for a $200 million IPO. It plans to trade on the Nasdaq, with Goldman Sachs and BoA Merrill Lynch serving as co-lead underwriters.
The company reports $18 million in 2009 net income, on around $223 million in revenue. This compares to a net loss of nearly $28 million in 2008, on $128 million in revenue.
NetSpend was acquired in 2004 by Oak Investment Partners (46.9% pre-IPO stake). Other shareholders include JLL Partners (32.5%), based on NetSpend’s 2008 acquisition of JLL portfolio company Skylight Financial. www.netspend.com