Prepaid debit card provider Green Dot gained retailer Wal-Mart as strategic backer two months before deciding on US flotation.

Prepaid debit card provider Green Dot has begun its flotation plans two months after US-based retailer Wal-Mart Stores made a strategic investment in the company.

Wal-Mart said it had no intention to sell its 2.2 million A shares in Green Dot, which manages its prepaid card business.

Green Dot said its other shareholders would convert 3.85 million B shares into A shares for sale in the initial public offering on the New York Stock Exchange. The shares are expected…

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