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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 issues regarding the main provider in connection with prepaid debit cards NetSpend areas.
NetSpend ended up being prone to cost the providing Thursday and start stocks which can be attempting to sell the typical public this early early morning.
Analysts had stated the delivering could possibly be well-received as a consequence of NetSpends position inside the fast-growing market for prepaid debit cards, through which it is a provider that is leading.
However the providing is actually postponed until a couple of weeks, relative to IPOhome.com, which tracks the market for initial offerings, as well as the Wall Street Journal.
NetSpend will never get straight straight back requires remark.
In a securities filing Thursday, NetSpend claimed that MetaBank, an intrinsic supplier, was at reality purchased by federal regulators Wednesday to avoid an instant pay day loan system and look for advance approval for virtually any completely new or amended third-party agreements, including for prepaid cards. Any workplace of Thrift Supervision claimed MetaBank had used methods that are misleading the mortgage system this is certainly payday.
MetaBank, positioned in Storm Lake, Iowa, provides 71 % associated with the prepaid cards that NetSpend distributes nationwide through grocery, check-cashing stores and also other outlets.Lees verder