Payday lender Cash America International Inc. said Thursday that its plans to spin off its online financial services subsidiary in an initial public offering.
Cash America said its board approved the sale of a majority stake in Enova International Inc. through an IPO, subject to market conditions.
Enova, which serves consumers in the United States, United Kingdom, Australia and Canada, plans to apply to list its common stock on the New York Stock Exchange under the symbol "ENVA," Cash America said.
Through the offering, Fort Worth, Texas-based Cash America will sell part of its interest in Enova to the public, but said it plans to retain a 35 percent to 49 percent stake.
UBS Investment Bank, Barclays Capital Inc. and Jefferies & Co. will be the joint underwriters of the offering.
Cash America shares closed at $56.52 on Wednesday.