Green Dot Opens 19,9 Percent Above The Offering Price: New York July 22 Shares of the company prepaid debit cards Green Dot Corporation and energy efficiency consulting company Ameresco Inc AMRC.N rose in their market debuts on Thursday, with Green Dot to severe.Equity Green Point opened at $ 43.15, 19.9 percent above their initial public stock price on the New York Stock Exchange. Shares Ameresco opened at $ 10.25, 2.5 percent above their IPO prices, as well as on the New York Stock Exchange. Later in the morning, Green Dot shares rose 22.2 percent to $ 43.98 and Ameresco shares rose 5.7 percent to $ 10.57.
Green Dot, which has agreements with Wal-Mart Stores Inc (WMT.N), Walgreen Co (WAG.N) and 7-Eleven, is the best player in the U.S. prepaid debit card industry. It sells prepaid debit cards for the young, low-income consumers. These consumers usually rely on cash and not much access to credit.
The market for these cards is growing. According to research firm Mercator Advisory Group predicts that Americans will upload as much as $ 118.5 billion on prepaid cards by 2012, compared with 8.7 billion dollars to put these cards in 2008.
Green Dot is exempt from the provisions of the financial position of the bill, which would limit the debit card transaction processing, known as "exchange fees" that banks receive from merchants. The release will give a competitive advantage. [ID: nN18149648]
The company on Wednesday sold 4.56 million shares at $ 36 each, raising about $ 164 million it planned to sell 4.17 million shares at $ 32 to $ 35 each.
Massachusetts-based Ameresco modifies heating, ventilation, air conditioning and lighting systems to enhance their effectiveness and often helps clients to get third-party financing for the projects. The company also builds small renewable energy plants that run on landfill gas, biomass and solar.
It sold 8.7 million shares at $ 10 each on Wednesday, raising nearly $ 87 million. It plans to sell its shares for $ 14 to $ 16 each.
Green Dot underwriters were led by JPMorgan and Morgan Stanley and the underwriters Ameresco were led by Bank of America and RBC Capital Markets.
Both companies are traded on the New York Stock Exchange. Green Point shares are traded under the symbol "GDOT;" Ameresco shares are traded under the symbol "AMRC".
