On July 21, 2010, Green Dot Corporation (NYSE: GDOT), a leading prepaid financial services company, announced its initial public offering of 4,558,050 shares of its Class A common stock at a price to the public of $36.00 per share. The shares will begin trading on the New York Stock Exchange under the ticker symbol “GDOT” on July 22, 2010. All of the shares of Class A common stock are being offered by selling stockholders. The underwriters have the option to purchase from certain of the selling stockholders up to an additional 683,708 shares of Class A common stock, on the same terms and conditions, to cover over-allotments, if any.
Green Dot will not receive any proceeds from the sale of shares by the selling stockholders. Cravath represented J.P. Morgan Securities Inc. and Morgan Stanley & Co. Incorporated, as representatives of the other underwriters, including Deutsche Bank Securities Inc., Piper Jaffray & Co. and UBS Securities LLC, in connection with this transaction.
The Cravath team included partners William V. Fogg and Andrew J. Pitts, senior attorney Daniel A. O’Shea and associate Michael A. Coyne.