Australia-based small-business lender Prospa has reset the price range for its IPO at between A$3.44 per share and A$3.83 per share, The Australian reported May 17, citing sources.

The bank initially said it will offer shares at A$3.04 to A$3.83 apiece, valuing the company at between A$500 million and A$600 million.

The move comes after Prospa's owners moved to tighten up the supply of the shares being sold in the company's IPO, the report added.

The offer size is now between A$141 million and A$147 million, comprising A$100 million in primary issuance and a sell down of between A$41 million and A$47 million by certain existing shareholders.

Previously, the amount from the shareholder sell down was pegged at between A$42 million and A$60 million.

The IPO prospectus will be lodged May 18 and the company will list June 6.