October 15, 2019 / 10:21 AM / a month ago

KKR consortium cancels Australia's Latitude IPO: sources

Oct 15 (Reuters) - U.S. private equity firm KKR & Co and its partners have cancelled what was expected to be the biggest Australian IPO of the year, the listing of their lender Latitude Financial, two sources told Reuters.

In what was to be their second attempt at listing in just over a year, KKR, Deutsche Bank and Varde Partners, decided to cancel the expected A$1 billion ($676.20 million) offering on Tuesday, because a large proportion of demand for shares was coming from hedge funds rather than desired long-term investors, the sources said. (Reporting by Paulina Duran in Sydney; Editing by Deepa Babington)

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