Prepaid Debit Card Provider Files for IPO

NetSpend has filed for a $200 million IPO on the NASDAQ with Goldman Sachs and BofA Merrill Lynch serving as co-lead underwriters. The company intends to use the net proceeds from the offering to pay off outstanding amounts under its revolving credit and term loan facilities and for general corporate purposes. NetSpend provides reloadable prepaid debit cards and related services, and its current investors include Oak Investment Partners (46.9%) and JLL Partners (32.5%).