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In This List

Australia's Latitude Financial withdraws IPO for 2nd time

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Australia's Latitude Financial withdraws IPO for 2nd time

Australia's Latitude Financial Services Ltd. decided to pull its proposed IPO after the close of the bookbuild on Oct. 15.

The nonbank lender did not provide specific reasons for the IPO-withdrawal decision in its Oct. 16 statement but said its board of directors and shareholders were conscious of the importance of ensuring a strong after market for the company. The decision came after the company repriced its IPO at A$1.78 per share on Oct. 14, taking its market value to A$3.17 billion.

Latitude Financial failed to secure enough support for the IPO, The Australian reported, noting that it was the second time the company withdrew its listing plans.

Latitude Financial CEO Ahmed Fahour said some investors were not prepared to offer a price per share that "reflects a fair value given the strength and performance of our business," The Australian Financial Review reported, citing his email to staff. The publication added that investors considering to participate in the IPO voiced concerns about the company's earnings quality and visibility, among others, given the limited historical data in the IPO prospectus.