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NetSpend Files For $200M IPO

Austin-based NetSpend, an issuer of prepaid debit cards, said in an S-1 filing Thursday with the SEC that it is looking to raise up to $200M in an IPO. The firm said it intends to list on the Nasdaq. The IPO is being underwritten by Goldman, Sachs & Co., BofA Merrill Lynch, and William Blair & Company. NetSpend competes with such firms as Green Dot, AccountNow, and Blackhawk Network; competitor Green Dot is currently also in IPO registration and expected to debut on the market soon. NetSpend is backed by Oak Investment partners, JLL Partners, and Millennium Finance Co. The firm reports it had net income of $18.1M on revenues of $225M in 2009.