Green Dot Corporation, which is a leading provider of reloadable prepaid debit cards in the US under its Green PlaNET platform, announced terms for its IPO on Friday. The Monrovia, CA-based company plans to raise $129 million by offering 3.85 million shares at a price range of $32-$35 with all shares to be sold by insiders. At the mid-point of the proposed range, Green Dot will command a market value of $1.5 billion. Green Dot Corporation, which was founded in 1999 and booked $267 million in sales for the 12 months ended March 31, plans to list on the NYSE under the symbol GDOT. J.P. Morgan and Morgan Stanley are the lead underwriters on the deal, which is expected to price during the week of July 19th.
