Cash America International's board of directors has unanimously approved a plan to divest a majority ownership of its Enova International, an online financial services provider, in an initial public offering (IPO).
Enova, a wholly owned subsidiary of Cash America, provides services to alternative credit consumers in the US, the UK, Australia and Canada.
Enova intends to apply to list its common stock on the New York Stock Exchange under the symbol ENVA.
In the IPO, Cash America will offer a portion of its interest in Enova to the public, with Cash America intending to retain 35% to 49% of its ownership interest in Enova immediately following the IPO.
UBS Investment Bank, Barclays Capital and Jefferies & Company will be acting as joint book-running managers for the proposed offering.