Latitude CEO disappointed KKR pulled IPO due to low price

SYDNEY: Private equity giant KKR & Co and its partners cancelled what was to be Australia’s biggest listing of the year, lender Latitude Financial, because investors would not pay a price that reflected its value, the Latitude CEO said.

In what was to be their second attempt at listing in just over a year, KKR, Deutsche Bank and Varde Partners pulled the expected A$1bil (US$676.20mil) offering late on Tuesday, according to sources, even after finding buyers for all its shares.