Private equity giant KKR & Co and its partners canceled what was to be Australia...
) and its partners canceled what was to be Australia’s biggest listing of the year, lender Latitude Financial, because investors would not pay a price that reflected its value, the Latitude CEO said on Wednesday.
In what was to be their second attempt at listing in just over a year, KKR, Deutsche Bank and Varde Partners pulled the expected A$1 billion offering late on Tuesday, according to sources, even after finding buyers for all its shares. “Feedback from investors has been overwhelmingly positive and although demand has been strong, some investors have not been prepared to offer a price per share that reflects a fair value given the strength and performance of our business,” Fahour wrote in the email.
Latitude had filed a prospectus with the regulator last month valuing the company at between A$2 and A$2.25 per share but over the weekend decided to discount the offer price by as much as 20.9% due to low demand, Reuters reported.
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