Cash America withdraws IPO for online lending unit
Fort Worth-based Cash America International, the nation's largest operator of pawn shops, has asked to withdraw its initial public offering proposed for its online consumer loan unit, named Enova International. Cash American last September filed for the IPO, which it estimated could raise up to $500 million. "The company has determined not to proceed with the public offering contemplated in the registration statement at this time," Cash America's filing with the Securities and Exchange Commission said. It did not elaborate. A company representative said Wednesday the company will discuss the move during its second-quarter earnings conference call set for Thursday morning.
Cash America acquired Enova in 2006 for $250 million. It had intended to retain a minority stake in the company after the IPO.
-- Jim Fuquay