Tuesday, October 19, 2010

NetSpend Raises $204M In IPO

Austin-based NetSpend, a provider of prepaid debit cards, has raised $204M in its IPO. The firm sold 18.5 million shares of its common stock at $11 yesterday. The debut was at the midpoint of its estimated offering range of $10 to $12 per share. NetSpend was venture backed by Oak Investment Partners, JLL Partners, Millennium Finance Co., Texas Growth Fund, and others. The firm is trading on the Nasdaq Stock Market as NTSP. NetSpend closed up $2.00 at $13.00 per share, up 18.18%, in its first day of trading on Tuesday.