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NetSpend stock offering delayed
Austin-based NetSpend Holdings Inc. has postponed its $200 million-plus stock that is initial due to regulatory problems concerning the primary provider concerning the prepaid debit cards NetSpend areas.
NetSpend ended up being expected to cost the providing Thursday and start stocks which can be selling the typical public this early early morning hours.
Analysts had stated the providing might be well-received as a consequence of NetSpends position inside the fast-growing market for prepaid debit cards, through which it truly is a provider that is leading.
Even so the providing is actually postponed until a weeks that are few according to IPOhome.com, which tracks industry for initial offerings, plus the Wall Street Journal.
NetSpend wouldn’t normally get right straight back requires remark.
An integral supplier, was in fact bought by federal regulators Wednesday to prevent a quick payday loan system and seek advance approval for almost any brand new or amended third-party agreements, including for prepaid cards in a securities filing Thursday, NetSpend stated that MetaBank. Any workplace of Thrift Supervision claimed MetaBank had used misleading techniques within the mortgage system that is payday.
MetaBank, located in Storm Lake, Iowa, provides 71 percent linked to the cards that are prepaid NetSpend distributes nationwide through grocery, check-cashing stores along with other outlets. NetSpend has about 2.1 million cards which can be active.
NetSpend said MetaBanks problems wont affect its operations or funds, nonetheless it reported that future actions that are regulatory MetaBank could force it to locate another card provider.