Green Dot Corp, a Monrovia company that issues reloadable prepaid debit cards, said on Friday it plans an initial public offer that could raise at least $123 million for officers and other company insiders.

The company will offer 3.85 million Class A common shares at an expected range of $32 to $35 per share, with all shares to be sold by insiders. The company in February filed to sell up $150 million in stock, and at the time indicated that some new shares would be part of the offering.

Green Dot was founded in 1999 and its prepaid debit cards are sold and can be reloaded at retail chains such as Wal-Mart, which is a shareholder. The company had $267 million in sales for the 12 months ended March 31. Its first quarter profit rose 26 percent to $12.8 million with revenue up 53 percent to $92.8 million.

Wal-Mart is not expected to sell its Class A stake, nor does Sequoia Capital, a Menlo Park private equity firm which will have a 35 percent voting power though its ownership of Class B shares. There is expected to be 40 million shares outstanding after the IPO, which could give the company a market cap of more than $ 1 billion.

The company has been approved to list its shares on the New York Stock Exchange under the symbol GDOT.

J.P. Morgan and Morgan Stanley are lead underwriters on the sale, which is expected to price during the week of July 19. The underwriters have the option to purchase from the selling stockholders up to 577,500 in additional shares to cover over-allotments.