U.S. private equity firm KKR & Co and its partners want to raise up to $945.42 m...
Today, it has about A$8 billion in gross loans to 2 million customers, primarily credit cards, personal loans and auto loans, and it plans to grow its digital and installment payment business, the prospectus says.
At listing, KKR and Deutsche Bank would own about 20% each and Varde Partners 13%. The balance will be owned by minority shareholders, the prospectus said. The majority of the proceeds from the IPO will be used to repay for the equity and loans to KKR, Deutsche Bank and Varde, with about A$42 million expected to be kept as cash on Latitude’s balance sheet.
Last year, Latitude deferred a planned IPO that would value the business at about A$5 billion due to market conditions and a change in its management, while the country’s financial industry was also being scrutinized by a national misconduct inquiry.
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