Higher One Holdings Inc. recently filed a registration statement on Form S-1 with the Securities and Exchange Commission (SEC) for a proposed initial public offering of $100 million, according to an AP report. The New Haven, Connecticut, company is responsible for processing financial aid payments, as well as providing banking services to colleges and their students.
The company announced in its filing that it had higher education customers in 46 U.S. states and plans to increase the number of educational institutions and services.
Higher One released that 88 percent of its revenue in 2009 came from ATM and other banking service fees, according to an AP report. They also added that if the U.S. eliminates the financial middleman in student lending, its prospects for future growth could be affected.
The registration statement has not become effective yet, and that being said, these securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective.
Goldman, Sachs & Co. will act as sole book-running manager, UBS Securities LLC will act as lead manager, and Piper Jaffray & Co., Raymond James & Associates, Inc., William Blair & Company, L.L.C. and JMP Securities LLC will act as co-managers for the offering.
The shares of common stock to be sold in this offering are expected to be sold by Higher One and certain of Higher One’s stockholders.
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