* Had filed for IPO of up to $500 mln in September
* Cash America to post results on Thursday
July 25 Cash America International Inc's
online lending arm, Enova International, filed with regulators
to withdraw its proposed initial public offering of up to $500
Enova had filed for an IPO in September and the move was
meant to help Cash America focus on growing its store-front pawn
operations in the United States and Latin America.
Investor demand for financial IPOs has been weak over the
past year. Community Choice Financial Inc, another lender which
provides services to the underbanked through a network of 435
retail storefronts across 14 states, had pulled its IPO in May.
Cash America hoped to retain an 80 percent stake in Enova
immediately following the IPO and eventually lower its stake to
between 35 percent to 49 percent of Enova stock.
Enova, which has operations in the United States, Canada,
the United Kingdom and Australia, processed about 4 million
transactions in 2011. It reported net income of $37 million on
revenue of $480.3 million for the year.
UBS Investment Bank, Barclays and Jefferies were the lead
underwriters to the offering.
Shares of Cash America, which is expected to post
second-quarter results on Thursday, closed at $45.12 on
Wednesday on the New York Stock Exchange.