Green Dot shares soar after IPO prices high

NEW YORK -- Green Dot shares are soaring after the company priced shares of an expanded initial public offering above the expected range, raising $164.1 million.

Analysts had expected strong demand for Green Dot Corp. shares, a big supplier of prepaid, reloadable debit cards.

Green Dot's cards became increasingly popular during the recession as banks tightened lending standards. The Monrovia, Calif., company expects more growth as technology improves and it waives fees to encourage consumers to use the cards, rather than cash.

Green Dot's shareholders sold 4.6 million shares at $36. Shares had been expected to price from $32 to $35 apiece.

Trading Thursday on the New York Stock Exchange under the symbol "GDOT," shares are jumping $7.15, or 20 percent, to $43.15.