Friday, July 9, 2010

Green Dot Sets Pricing Range

Monrovia-based Green Dot, the provider of prepaid debit cards, has set pricing on its IPO, saying in a filing Friday that it estimates and initial public offering price of between $32.00 and $35.00 per share. The firm is set to list on the NYSE as GDOT in the offering, which would net the firm around $154M at $35.00 per share. Green Dot filed for an IPO in February, and is backed by Sequoia Capital, TTP Fund, and the Tech Coast Angeles. The IPO is being underwritten by J.P. Morgan, Morgan Stanley, Piper Jaffray, and UBS Investment Bank. If successful, the IPO will rank among the most successful exits ever for the Tech Coast Angels involved, representing an over 100x return on the initial investment in the firm.