Green Dot IPO Raises $164 Million

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Shares of Green Dot Corp. began trading on the New York Stock Exchange Thursday morning after the company’s initial public offering, jumping significantly from their $36 starting price.

The Monrovia provider of reloadable prepaid debit cards, noting strong investor interest, had earlier raised the number of offered shares from 3.9 million to 4.6 million. It also priced them higher than an earlier expected range of $32 to $35.

Shares closed up more than 22 percent to $43.99.

The offering raised more than $164 million, with all shares sold by officers and other insiders. Underwriters will be able to purchase an additional 683,708 shares from the selling shareholders to cover any excess demand.

The stock is trading under the symbol GDOT. J.P. Morgan was the lead underwriter of the offering and was joined by Morgan Stanley, Deutsche Bank Securities, Piper Jaffray & Co., and UBS Securities.

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