Australia's Latitude Financial gears up for country's biggest IPO in five years

By John Reynolds on 23rd September 2019

Challenger Banks

IPO would value Latitude Financial at around £2.01bn.

Australia's Latitude Financial gears up for country's biggest IPO in five years
Image source: Latitude Financial.

Australia's Latitude Financial is set to list its shares in an IPO that would mark the biggest in the country in five years.

The IPO would value Latitude Financial  at around 3.7bn Australian dollars (£2.01bn), according to a report.

Non-bank lender Latitude Financial, which is partly owned by Deutsche Banks and the private equity company KKR, is planing to file regulatory documents on September 26,  according to Reuters, which has spoken to two sources close to the deal.

The IPO wold mark the largest share in Australia in five years, since that of state-owned insurance bank Mediabank Private in November 2014.

Latitude Financial offers access to personal loans, home loans and credit cards. It allows users to pay for products in equal installments.

The IPO wold be Latitude Financial's second recent attempt at an IPO.

It previously planned an IPO in 2018, but its plans were thwarted by a number of factors, including unfavourable market conditions and a change in management.

Latitude Financial was unavailable for comment.