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Australia's Latitude Financial seeks to raise up to A$1.40B in IPO

Australia's Latitude Financial Services Ltd. is seeking to raise up to A$1.40 billion in its proposed IPO on the country's stock exchange.

The nonbank lender on Sept. 26 filed a prospectus with Australia's securities regulator to offer approximately 622.4 million shares at a price range of A$2.00 to A$2.25 each. The offer comprises a broker firm offer and an institutional offer, according to a release.

The broker firm offer is set to open Oct. 4 and the institutional bookbuild will occur on Oct. 15 and 16. No general public offer of shares will made for the institutional offer. The company's shares are expected to start trading on ASX on Oct. 18.

Following the IPO, current Latitude Financial owners, KKR & Co., Deutsche Bank AG and Värde Partners Inc., will continue to own approximately 54% of the company. The companies have agreed to maintain their shareholding until the date on which Latitude Financial releases its financial results for the fiscal half year ending June 30, 2020.