Investing.com - U.S. private equity firm KKR&Co and its partners have reportedly canceled the Australian IPO listing of Latitude Financial, according to Reuters, which cited two unnamed sources.
It was Latitude’s second attempt at listing in just over a year, Reuters said. Their sources, who claimed to have direct knowledge of the situation, said the company decided to scrap the expected A$1 billion ($676.20 million) offering this week because “a large proportion of demand for shares was coming from hedge funds rather than desired long-term investors”
A Latitude spokesman declined to comment but said the company is expected to make an announcement on Wednesday, according to the report.
The listing could have become the biggest Australian listing of the year.