Tuesday, November 9, 2010
Green Dot Files $100M Offering
Monrovia-based Green Dot, the publicly held provider of prepaid debit cards, said in a statement with the SEC Monday that it is looking to offer up to $100M in a new public offering of its Class A shares. The firm--one of the Southern California companies which has successfully hit the public market this year--said all of the shares in the offering will be offered by its existing shareholders, and that none of the proceeds will go to the firm. Green Dot, which trades on the NYSE at GDOT, went IPO in July. Green Dot's major shareholder of Class A stock is Wal-Mart Stores, which negotiated a hefty equity position in Green Dot shortly before the firm's IPO; Wal-Mart is a major distributor of Green Dot's cards, under WalMart's own brand names.