Shareholders in prepaid debit card provider Green Dot raised a more-than-expected $164.1m at its flotation, which came two months after US-based retailer Wal-Mart Stores made a strategic investment in the company.
The company priced 4.56 million shares at $36 each, compared to plans to sell 4.17 million shares at between $32 and $35. Wal-Mart had no intention to sell its 2.2 million A shares in Green Dot, which manages its prepaid card business.
The company has no plans to raise any money itself in a primary issuance.