Green Dot Corporation, which provides general purpose reloadable prepaid debit cards (GPR cards) under its Green PlaNET platform, filed on Friday with the SEC to raise up to $150 million in an initial public offering. The Monrovia, CA-based company was founded in 1999 as Next Estate Communications and changed its name to Green Dot Corporation in 2005. The prepaid debit card company booked $235 million in sales for the twelve months ended July 31st, 2009 and plans to list its Class A shares on the NYSE. J.P. Morgan and Morgan Stanley are the lead underwriters on the deal, for which pricing terms and timing were not disclosed. Green Dot, which is 33% owned by Sequoia Capital, is the fifth venture capital-backed company to file for an IPO so far this month.
